NY State Senate Bill 2025-S2429A

Current Bill Status - In Senate Committee Finance Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Apr 07, 2025	reported and committed to finance
Mar 10, 2025	print number 2429a
Mar 10, 2025	amend and recommit to investigations and government operations
Jan 17, 2025	referred to investigations and government operations

Votes

- Apr 7, 2025 - Investigations And Government Operations Committee Vote
  S2429A
  
  Aye
  
  6
  
  Nay
  
  0
  
  Aye with Reservations
  
  1
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  
  0
  - - Investigations And Government Operations Committee Vote: Apr 7, 2025
      
      aye (6)
      
      Bynoe
      
      Chan
      
      Cleare
      
      Hoylman-Sigal
      
      May
      
      Skoufis
      
      aye wr (1)
      
      O'Mara

Bill Amendments

Original

A (Active)

co-Sponsors

View additional co-sponsors

2025-S2429 - Details

Current Committee:: Senate Finance
Law Section:: Tax Law
Laws Affected:: Add §50, amd §§210-B, 606 & 1511, Tax L
Versions Introduced in Other Legislative Sessions:: 2021-2022: S8463
2023-2024: S4833

2025-S2429 - Summary

Creates a work opportunity tax credit.

2025-S2429 - Sponsor Memo

                                 
BILL NUMBER: S2429

SPONSOR: SKOUFIS
 
TITLE OF BILL:

An act to amend the tax law, in relation to creating a work opportunity
tax credit; and providing for the repeal of such provisions upon expira-
tion thereof

 
PURPOSE:

This bill would establish in New York State law a Worker Opportunity Tax
Credit similar to the existing federal tax credit.

 
SUMMARY OF PROVISIONS:

Section 1: Adds a new section 48 to the tax law establishing a Worker
Opportunity Tax Credit details the additional sections of the tax law
affected, and specifies to whom the tax credit would apply. Section one
also establishes that the total tax credits will not exceed ninety
million dollars in total, or thirty million dollars for each taxable
year.

Section 2: Adds a new subdivision 59 to section 210-B of the tax law
detailing the allowance and application of the Worker Opportunity Tax
Credit therein also clarifies it shall not exceed more than $500 per
employee per year in a tax year and is not refundable.

Section 3: Adds a new subdivision, "bbb," to section 606 of the tax law
detailing the allowance and application of the Worker Opportunity Tax
Credit therein also clarifies it shall not exceed more than $500 per
employee per year in a tax year and is not refundable.

Section 4: Adds a new subdivision, "cc," to section 1511 of the tax law
detailing the allowance and application of the Worker Opportunity Tax
Credit therein also clarifies it shall not exceed more than $500 per
employee per year in a tax year and is not refundable.

Section 5: Establishes the effective date and sets the expiration date.

 
JUSTIFICATION:

The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available
to employers for hiring individuals from certain targeted groups that
have consistently faced significant barriers to employment. Data shows
that New York underutilizes the federal Worker Opportunity Tax Credit
incentive program. New York's ratio of WOTC-certified employees to popu-
lation is the lowest of the 18 states with the largest number of
WOTC-certified employees.

The WOTC may be claimed by any employer that hires and pays or incurs
wages to certain individuals who are certified by a designated local
agency as members of one of 10 targeted groups, are in their first year
of employment, are certified as members of a targeted group, and perform
at least 400 hours of services for that employer.

The targeted groups include Qualified IV-A Recipient, qualified Veteran,
Ex-felon, Designated Community Resident, Vocational Rehabilitation
Referral, Summer Youth Employee, SNAP Recipient, SSI Recipient, Long
Term Family Assistance Recipient, and Qualified Long-Term Unemployment
Recipient.

 
LEGISLATIVE HISTORY:

Senate

2022: S8463B, Amended and Recommitted to Investigations and Government
Operations

2023: S4833B, Reported and Committed to Finance

2024: S4833B, Reported and Committed to Finance

Assembly

2022: A9171A, Amended and Recommitted to Ways and Means

2023: A8905, Referred to Labor

2024: A8905, Referred to Labor

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect on April 1, 2026, and shall apply to taxable
years beginning on and after January 1, 2026, and shall apply to wages
paid to individuals hired on an after such effective date and shall
expire and be deemed repealed on December 31, 2028.

2025-S2429 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2429
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 17, 2025
                                ___________
 
 Introduced  by  Sens. SKOUFIS, GOUNARDES, HOYLMAN-SIGAL, JACKSON -- read
   twice and ordered printed, and when printed to  be  committed  to  the
   Committee on Investigations and Government Operations
 
 AN  ACT to amend the tax law, in relation to creating a work opportunity
   tax credit; and providing for the repeal of such provisions upon expi-
   ration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The tax law is amended by adding a new section 50 to read
 as follows:
   § 50. WORK OPPORTUNITY TAX CREDIT. (A) GENERAL. A TAXPAYER SUBJECT  TO
 TAX  UNDER  ARTICLE  NINE-A, TWENTY-TWO, OR THIRTY-THREE OF THIS CHAPTER
 SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX IN AN  AMOUNT  EQUAL  TO  ONE
 HUNDRED  PERCENT  OF  THE  CREDIT  THAT IS ALLOWED TO THE TAXPAYER UNDER
 SECTION 51 OF THE INTERNAL REVENUE CODE THAT IS ATTRIBUTABLE  TO  QUALI-
 FIED  WAGES  PAID  TO  A NEW YORK RESIDENT WHO IS A MEMBER OF A TARGETED
 GROUP AND FOR WHOM A CERTIFICATE TO THAT EFFECT HAS BEEN ISSUED  BY  THE
 DEPARTMENT OF LABOR.
   (B)  DEFINITIONS.  THE  TERMS  "QUALIFIED  WAGES" AND "TARGETED GROUP"
 SHALL HAVE THE SAME MEANINGS AS IN SECTION 51 OF  THE  INTERNAL  REVENUE
 CODE.
   (C)  EFFECT  ON  OTHER TAX CREDITS.   WAGES WHICH ARE THE BASIS OF THE
 CREDIT UNDER THIS SECTION SHALL NOT BE USED AS THE BASIS FOR  ANY  OTHER
 CREDIT ALLOWED UNDER THIS CHAPTER.
   (D)  LIMIT ON TAX CREDITS ISSUED. OVER THE LIFETIME OF THE TAX CREDIT,
 THE TOTAL AMOUNT OF TAX CREDITS PROVIDED FOR UNDER  THIS  SECTION  SHALL
 NOT  EXCEED  NINETY  MILLION DOLLARS IN TOTAL, OR THIRTY MILLION DOLLARS
 FOR EACH TAXABLE YEAR.
   (E) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT  PROVIDED  FOR  IN
 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 61;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00450-02-5

 S. 2429                             2
 
   (2) ARTICLE 22: SECTION 606, SUBSECTION (BBB);
   (3) ARTICLE 33: SECTION 1511, SUBDIVISION (FF).
   §  2. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 61 to read as follows:
   61. WORK OPPORTUNITY TAX CREDIT. (A) ALLOWANCE OF CREDIT.  A  TAXPAYER
 SHALL  BE  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION FIFTY
 OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.   SUCH  CREDIT
 SHALL  NOT EXCEED FIVE HUNDRED DOLLARS PER ELIGIBLE EMPLOYEE PER YEAR IN
 ANY GIVEN TAX YEAR.
   (B) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER  THIS  SUBDIVISION
 FOR  ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
 THAN THE AMOUNT PRESCRIBED  IN  PARAGRAPH  (D)  OF  SUBDIVISION  ONE  OF
 SECTION  TWO  HUNDRED TEN OF THIS ARTICLE. HOWEVER, IF THE AMOUNT OF THE
 CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR  REDUCES  THE
 TAX  TO  SUCH  AMOUNT OR IF THE TAXPAYER OTHERWISE PAYS TAX BASED ON THE
 FIXED DOLLAR MINIMUM AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN
 SUCH TAXABLE YEAR WILL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
 ED IN ACCORDANCE WITH THE PROVISIONS OF SECTION ONE THOUSAND  EIGHTY-SIX
 OF  THIS CHAPTER. PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION (C) OF
 SECTION ONE THOUSAND EIGHTY-EIGHT OF THIS  CHAPTER  NOTWITHSTANDING,  NO
 INTEREST SHALL BE PAID THEREON.
   §  3. Section 606 of the tax law is amended by adding a new subsection
 (bbb) to read as follows:
   (BBB) WORK OPPORTUNITY TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER
 SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN  SECTION  FIFTY
 OF  THIS  CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.  SUCH CREDIT
 SHALL NOT EXCEED FIVE HUNDRED DOLLARS PER ELIGIBLE EMPLOYEE PER YEAR  IN
 ANY GIVEN TAX YEAR.
   (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
 THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
 SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
 CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
 HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
 SHALL BE PAID THEREON.
   §  4.  Section 1511 of the tax law is amended by adding a new subdivi-
 sion (ff) to read as follows:
   (FF) WORK OPPORTUNITY TAX CREDIT. (1) ALLOWANCE OF CREDIT.  A TAXPAYER
 SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN  SECTION  FIFTY
 OF  THIS  CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.  SUCH CREDIT
 SHALL NOT EXCEED FIVE HUNDRED DOLLARS PER ELIGIBLE EMPLOYEE PER YEAR  IN
 ANY GIVEN TAX YEAR.
   (2)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO BE LESS THAN  THE  MINIMUM
 FIXED  BY  PARAGRAPH  FOUR OF SUBDIVISION (A) OF SECTION FIFTEEN HUNDRED
 TWO OR SECTION FIFTEEN HUNDRED  TWO-A  OF  THIS  ARTICLE,  WHICHEVER  IS
 APPLICABLE.  HOWEVER,  IF  THE  AMOUNT  OF THE CREDIT ALLOWED UNDER THIS
 SUBDIVISION FOR ANY TAXABLE YEAR REDUCES  THE  TAXPAYER'S  TAX  TO  SUCH
 AMOUNT,  ANY  AMOUNT OF CREDIT THUS NOT DEDUCTIBLE WILL BE TREATED AS AN
 OVERPAYMENT OF TAX TO BE CREDITED IN ACCORDANCE WITH THE  PROVISIONS  OF
 SECTION  ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER, THE
 PROVISIONS OF SUBSECTION (C) OF SECTION  ONE  THOUSAND  EIGHTY-EIGHT  OF
 THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
   § 5. This act shall take effect April 1, 2026 and shall apply to taxa-
 ble  years  beginning  on  and  after January 1, 2026 and shall apply to
 wages paid to individuals hired on and after  such  effective  date  and
 shall expire and be deemed repealed December 31, 2028.

co-Sponsors

View additional co-sponsors

2025-S2429A (ACTIVE) - Details

Current Committee:: Senate Finance
Law Section:: Tax Law
Laws Affected:: Add §50, amd §§210-B, 606 & 1511, Tax L
Versions Introduced in Other Legislative Sessions:: 2021-2022: S8463
2023-2024: S4833

2025-S2429A (ACTIVE) - Summary

Creates a work opportunity tax credit.

2025-S2429A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S2429A

SPONSOR: SKOUFIS
 
TITLE OF BILL:

An act to amend the tax law, in relation to creating a work opportunity
tax credit; and providing for the repeal of such provisions upon expira-
tion thereof

 
PURPOSE:

This bill would establish in New York State law a Worker Opportunity Tax
Credit similar to the existing federal tax credit.

 
SUMMARY OF PROVISIONS:

Section 1: Adds a new section 50 to the tax law establishing a Worker
Opportunity Tax Credit details the additional sections of the tax law
affected, and specifies to whom the tax credit would apply. Section one
also establishes that the total tax credits will not exceed ninety
million dollars in total, or thirty million dollars for each taxable
year.

Section 2: Adds a new subdivision 61 to section 210-B of the tax law
detailing the allowance and application of the Worker Opportunity Tax
Credit therein also clarifies it shall not exceed more than $500 per
employee per year in a tax year and is not refundable.

Section 3: Adds a new subdivision, "bbb," to section 606 of the tax law
detailing the allowance and application of the Worker Opportunity Tax
Credit therein also clarifies it shall not exceed more than $500 per
employee per year in a tax year and is not refundable.

Section 4: Adds a new subdivision, "ff," to section 1511 of the tax law
detailing the allowance and application of the Worker Opportunity Tax
Credit therein also clarifies it shall not exceed more than $500 per
employee per year in a tax year and is not refundable.

Section 5: Establishes the effective date and sets the expiration date.

 
JUSTIFICATION:

The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available
to employers for hiring individuals from certain targeted groups that
have consistently faced significant barriers to employment. Data shows
that New York underutilizes the federal Worker Opportunity Tax Credit
incentive program. New York's ratio of WOTC-certified employees to popu-
lation is the lowest of the 18 states with the largest number of
WOTC-certified employees.

The WOTC may be claimed by any employer that hires and pays or incurs
wages to certain individuals who are certified by a designated local
agency as members of one of 10 targeted groups, are in their first year
of employment, are certified as members of a targeted group, and perform
at least 400 hours of services for that employer.

The targeted groups include Qualified IV-A Recipient, qualified Veteran,
Ex-Felon, Designated Community Resident, Vocational Rehabilitation
Referral, Summer Youth Employee, SNAP recipient, SSI Recipient, Long
Term Family Assistance Recipient, and Qualified Long-Term Unemployment
Recipient.

 
LEGISLATIVE HISTORY: Senate

2022: S8463B, Amended and Recommitted to Investigations and Government
Operations

2023: S4833B, Reported and Committed to Finance

2024: S4833B, Reported and Committed to Finance Assembly

2022: A9171A, Amended and Recommitted to Ways and Means

2023: A8905, Referred to Labor

2024: A8905, Referred to Labor

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect on April 1, 2026, and shall apply to taxable
years beginning on and after January 1, 2026, and shall apply to wages
paid to individuals hired on an after such effective date and shall
expire and be deemed repealed on December 31, 2028.

2025-S2429A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2429--A
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 17, 2025
                                ___________
 
 Introduced  by  Sens.  SKOUFIS, ADDABBO, FAHY, GOUNARDES, HOYLMAN-SIGAL,
   JACKSON, MAY, C. RYAN, S. RYAN, SALAZAR  --  read  twice  and  ordered
   printed, and when printed to be committed to the Committee on Investi-
   gations  and  Government  Operations  --  committee  discharged,  bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 AN  ACT to amend the tax law, in relation to creating a work opportunity
   tax credit; and providing for the repeal of such provisions upon expi-
   ration thereof
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The tax law is amended by adding a new section 50 to read
 as follows:
   § 50. WORK OPPORTUNITY TAX CREDIT. (A) GENERAL. A TAXPAYER SUBJECT  TO
 TAX  UNDER  ARTICLE  NINE-A, TWENTY-TWO, OR THIRTY-THREE OF THIS CHAPTER
 SHALL BE ALLOWED A CREDIT AGAINST SUCH TAX IN AN  AMOUNT  AS  DETERMINED
 UNDER  SECTION  51  OF THE INTERNAL REVENUE CODE THAT IS ATTRIBUTABLE TO
 QUALIFIED WAGES PAID TO A NEW YORK RESIDENT WHO IS A MEMBER OF A TARGET-
 ED GROUP AND FOR WHOM A CERTIFICATE TO THAT EFFECT HAS  BEEN  ISSUED  BY
 THE  DEPARTMENT  OF LABOR.   IN THE EVENT OF THE REPEAL OF SECTION 51 OF
 THE INTERNAL REVENUE CODE, THIS CREDIT WOULD BE CALCULATED  AS  IF  SUCH
 SECTION REMAINED IN FULL FORCE AND EFFECT.
   (B)  DEFINITIONS.  THE  TERMS  "QUALIFIED  WAGES" AND "TARGETED GROUP"
 SHALL HAVE THE SAME MEANINGS AS IN SECTION 51 OF  THE  INTERNAL  REVENUE
 CODE.
   (C)  EFFECT  ON  OTHER TAX CREDITS.   WAGES WHICH ARE THE BASIS OF THE
 CREDIT UNDER THIS SECTION SHALL NOT BE USED AS THE BASIS FOR  ANY  OTHER
 CREDIT ALLOWED UNDER THIS CHAPTER.
   (D)  LIMIT ON TAX CREDITS ISSUED. OVER THE LIFETIME OF THE TAX CREDIT,
 THE TOTAL AMOUNT OF TAX CREDITS PROVIDED FOR UNDER  THIS  SECTION  SHALL
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00450-03-5
 S. 2429--A                          2

 
 NOT  EXCEED  NINETY  MILLION DOLLARS IN TOTAL, OR THIRTY MILLION DOLLARS
 FOR EACH TAXABLE YEAR.
   (E)  CROSS-REFERENCES.  FOR  APPLICATION OF THE CREDIT PROVIDED FOR IN
 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 61;
   (2) ARTICLE 22: SECTION 606, SUBSECTION (BBB);
   (3) ARTICLE 33: SECTION 1511, SUBDIVISION (FF).
   § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
 sion 61 to read as follows:
   61.  WORK  OPPORTUNITY TAX CREDIT. (A) ALLOWANCE OF CREDIT. A TAXPAYER
 SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN  SECTION  FIFTY
 OF  THIS  CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.  SUCH CREDIT
 SHALL NOT EXCEED FIVE HUNDRED DOLLARS PER ELIGIBLE EMPLOYEE PER YEAR  IN
 ANY GIVEN TAX YEAR.
   (B)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO  LESS
 THAN  THE  AMOUNT  PRESCRIBED  IN  PARAGRAPH  (D)  OF SUBDIVISION ONE OF
 SECTION TWO HUNDRED TEN OF THIS ARTICLE. HOWEVER, IF THE AMOUNT  OF  THE
 CREDIT  ALLOWED  UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE
 TAX TO SUCH AMOUNT OR IF THE TAXPAYER OTHERWISE PAYS TAX  BASED  ON  THE
 FIXED DOLLAR MINIMUM AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE IN
 SUCH TAXABLE YEAR WILL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
 ED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION ONE THOUSAND EIGHTY-SIX
 OF THIS CHAPTER. PROVIDED, HOWEVER, THE PROVISIONS OF SUBSECTION (C)  OF
 SECTION  ONE  THOUSAND  EIGHTY-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO
 INTEREST SHALL BE PAID THEREON.
   § 3. Section 606 of the tax law is amended by adding a new  subsection
 (bbb) to read as follows:
   (BBB) WORK OPPORTUNITY TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER
 SHALL  BE  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION FIFTY
 OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.   SUCH  CREDIT
 SHALL  NOT EXCEED FIVE HUNDRED DOLLARS PER ELIGIBLE EMPLOYEE PER YEAR IN
 ANY GIVEN TAX YEAR.
   (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
 THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
 SUCH  YEAR,  THE  EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
 CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS  OF  SECTION  SIX
 HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
 SHALL BE PAID THEREON.
   § 4. Section 1511 of the tax law is amended by adding a  new  subdivi-
 sion (ff) to read as follows:
   (FF) WORK OPPORTUNITY TAX CREDIT. (1) ALLOWANCE OF CREDIT.  A TAXPAYER
 SHALL  BE  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION FIFTY
 OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.   SUCH  CREDIT
 SHALL  NOT EXCEED FIVE HUNDRED DOLLARS PER ELIGIBLE EMPLOYEE PER YEAR IN
 ANY GIVEN TAX YEAR.
   (2) APPLICATION OF CREDIT. THE CREDIT ALLOWED UNDER  THIS  SUBDIVISION
 SHALL  NOT  REDUCE THE TAX DUE FOR SUCH YEAR TO BE LESS THAN THE MINIMUM
 FIXED BY PARAGRAPH FOUR OF SUBDIVISION (A) OF  SECTION  FIFTEEN  HUNDRED
 TWO  OR  SECTION  FIFTEEN  HUNDRED  TWO-A  OF THIS ARTICLE, WHICHEVER IS
 APPLICABLE. HOWEVER, IF THE AMOUNT OF  THE  CREDIT  ALLOWED  UNDER  THIS
 SUBDIVISION  FOR  ANY  TAXABLE  YEAR  REDUCES THE TAXPAYER'S TAX TO SUCH
 AMOUNT, ANY AMOUNT OF CREDIT THUS NOT DEDUCTIBLE WILL BE TREATED  AS  AN
 OVERPAYMENT  OF  TAX TO BE CREDITED IN ACCORDANCE WITH THE PROVISIONS OF
 SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER,  THE
 S. 2429--A                          3
 
 PROVISIONS  OF  SUBSECTION  (C)  OF SECTION ONE THOUSAND EIGHTY-EIGHT OF
 THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
   § 5. This act shall take effect April 1, 2026 and shall apply to taxa-
 ble  years  beginning  on  and  after January 1, 2026 and shall apply to
 wages paid to individuals hired on and after  such  effective  date  and
 shall expire and be deemed repealed December 31, 2028.

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Senate Bill S2429A

Sponsored By

Current Bill Status - In Senate Committee Finance Committee

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Votes

Apr 7, 2025 - Investigations And Government Operations Committee Vote

Investigations And Government Operations Committee Vote: Apr 7, 2025

Bill Amendments

co-Sponsors

2025-S2429 - Details

2025-S2429 - Summary

2025-S2429 - Sponsor Memo

2025-S2429 - Bill Text download pdf

co-Sponsors

2025-S2429A (ACTIVE) - Details

2025-S2429A (ACTIVE) - Summary

2025-S2429A (ACTIVE) - Sponsor Memo

2025-S2429A (ACTIVE) - Bill Text download pdf

Comments

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Senate Bill S2429A

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Sponsored By

Current Bill Status - In Senate Committee Finance Committee

Actions

Votes

Bill Amendments

co-Sponsors

2025-S2429 - Details

2025-S2429 - Summary

2025-S2429 - Sponsor Memo

2025-S2429 - Bill Text download pdf

co-Sponsors

2025-S2429A (ACTIVE) - Details

2025-S2429A (ACTIVE) - Summary

2025-S2429A (ACTIVE) - Sponsor Memo

2025-S2429A (ACTIVE) - Bill Text download pdf

Comments