NY A01991

Allows taxpayers subject to corporate franchise tax (Article 9-A), banking tax (Article 22), or insurance tax (Article 33) to claim a credit equal to 100 percent of the federal work opportunity tax credit under Internal Revenue Code Section 51 for qualified wages paid to New York residents in targeted groups.

Credits are capped at $500 per eligible employee per year and cannot exceed $30 million in total lifetime credits.

Wages used for this credit cannot be used as the basis for any other tax credit under New York tax law.

Takes effect April 1, 2024 for taxable years beginning January 1, 2024 and applies only to wages paid to individuals hired on or after that date; credit expires December 31, 2026.

Excess credits that exceed tax liability are treated as overpayments with no interest paid, except for banking tax credits which may be refunded.