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NY S03694
Bill
Status
1/29/2025
Primary Sponsor
James Sanders
Click for details
AI Summary
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Establishes a $2,400 tax credit per hire for businesses with 50 or fewer employees that hire long-term unemployed individuals
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Defines "long-term unemployed person" as a New York resident for at least 3 years who has been unemployed and receiving public assistance for 6 or more consecutive months
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Requires the hired individual to be retained for full-time employment for at least one year to qualify for the credit
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Caps the total statewide credit at $15 million per taxable year across all applicable tax articles (corporate franchise, personal income, and insurance franchise taxes)
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Takes effect immediately and applies to taxable years beginning on or after January 1, 2026, for eligible individuals hired on or after that date
Legislative Description
Establishes the work opportunity tax credit for businesses with fifty employees or less for hiring a long term unemployed person; provides a credit shall be allowed of up to $2,400; provides the total amount of credit provided statewide shall not exceed fifteen million dollars.
Last Action
REFERRED TO BUDGET AND REVENUE
1/7/2026