New York S 3694: Establishes the work opportunity tax credit for businesses with fifty employees or less for hiring a long term unemployed person

Bill Text

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S03694 Summary:

BILL NOS03694 

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SAME ASSAME AS A07161

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SPONSORSANDERS

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COSPNSR

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MLTSPNSR

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Amd §§210-B, 606 & 1511, Tax L

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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.

Go to top S03694 Actions:

BILL NOS03694 

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01/29/2025REFERRED TO BUDGET AND REVENUE

05/28/2025REPORTED AND COMMITTED TO FINANCE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS03694 Committee&nbspVotes:

Go to topS03694 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS03694 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3694

 2025-2026 Regular Sessions

 IN SENATE

 January 29, 2025
 ___________

 Introduced by Sen. SANDERS -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to establishing the work oppor-
 tunity tax credit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 210-B of the tax law is amended by adding a new
 2 subdivision 61 to read as follows:
 3 61. Work opportunity tax credit. (a) Allowance of credit. A taxpayer
 4 shall be allowed a credit, against the tax imposed by this article, of
 5 two thousand four hundred dollars for each long term unemployed person
 6 hired during a taxable year. Such tax credit shall be applicable only to
 7 businesses employing fifty or fewer employees. For the purposes of this
 8 subdivision, a "long term unemployed person" shall be an individual who
 9 has been a resident of New York for three years immediately preceding
 10 hiring and who, prior to being hired by the business eligible for the
 11 credit established pursuant to this subdivision, had been unemployed and
 12 receiving public assistance for six consecutive months or more, and is
 13 retained for full-time employment by such business for at least one
 14 year.
 15 (b) Application of credit. The credit allowed under this subdivision
 16 for any taxable year shall not reduce the tax due for such year to less
 17 than the fixed dollar minimum amount prescribed in paragraph (d) of
 18 subdivision one of section two hundred ten of this article. However, if
 19 the amount of credit allowed under this subdivision for any taxable year
 20 reduces the tax to such amount or if the taxpayer otherwise pays tax
 21 based on the fixed dollar minimum amount, any amount of credit thus not
 22 deductible in such taxable year shall be treated as an overpayment of
 23 tax to be credited or refunded in accordance with the provisions of
 24 section one thousand eighty-six of this chapter. Provided, however, the
 25 provisions of subsection (c) of section one thousand eighty-eight of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08005-01-5

 S. 3694 2

 1 this chapter notwithstanding, no interest shall be paid thereon. The
 2 total amount of credit to be provided statewide for this credit, the
 3 credit allowed under subsection (qqq) of section six hundred six of this
 4 chapter and subdivision (ff) of section fifteen hundred eleven of this
 5 chapter shall not exceed fifteen million dollars in the aggregate in a
 6 taxable year.
 7 (c) Credit recapture. For provisions requiring recapture of credit,
 8 see section forty-four of this chapter.
 9 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 10 of the tax law is amended by adding a new clause (lii) to read as
 11 follows:

 12 (lii) Work opportunity tax credit Amount of credit under
 13 under subsection (qqq) subdivision sixty-one of
 14 section two hundred ten-B

 15 § 3. Section 606 of the tax law is amended by adding a new subsection
 16 (qqq) to read as follows:
 17 (qqq) Work opportunity tax credit. (1) Allowance of credit. A taxpayer
 18 shall be allowed a credit, against the tax imposed by this article, of
 19 two thousand four hundred dollars for each long term unemployed person
 20 hired during a taxable yea