Bill > A07161

This bill establishes a work opportunity tax credit for businesses with 50 or fewer employees who hire long-term unemployed individuals, offering a tax credit of $2,400 for each qualifying employee. A "long-term unemployed person" is defined as a New York resident who has been unemployed and receiving public assistance for at least six consecutive months, and who is hired and retained in full-time employment for at least one year. The credit applies to various tax articles (including personal income, corporate franchise, and utility taxes) and is subject to a statewide aggregate cap of $15 million per taxable year. If the credit amount exceeds a business's tax liability, the excess can be treated as an overpayment and potentially refunded, though no interest will be paid on such refunds. The bill includes provisions for credit recapture and specifies that it will take effect for taxable years beginning on or after January 1, 2026, applying to eligible individuals hired on or after that date. The primary goal is to incentivize businesses to hire individuals who have been experiencing prolonged unemployment and receiving public assistance.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7161