Bill Summary: A05209 - Work-NY Tax Incentives

• Establishes Hire-NY tax credit allowing employers subject to corporate or personal income tax a credit equal to 6.85% of gross wages paid for each new employee, capped at $5,000 per employee per year for three consecutive years of employment.

• Provides an additional $3,000 credit for the first year of employment if the new employee was receiving unemployment insurance benefits in 2015 or 2016.

• Creates small business tax credit equal to 6.665% of qualified business income (10% of net business income) for businesses with less than $250,000 net income.

• Eliminates corporate franchise tax and personal income tax for manufacturers beginning January 1, 2015, and phases out fixed dollar minimum tax for qualified New York manufacturers by 2018.

• Repeals Article 21 of the tax law relating to highway use tax and makes technical corrections to related statutes in canal law, highway law, public authorities law, vehicle and traffic law, and state finance law.