New York A04012 creates a work opportunity tax credit for eligible employees.

New York A04012 amends the tax law to create a work opportunity tax credit. This credit allows taxpayers a deduction against their tax liability, up to $500 per eligible employee per year. If the credit exceeds the taxpayer's tax for a given year, the excess is treated as an overpayment. The credit is applicable to wages paid to individuals hired after the effective date and expires on December 31, 2028. The total amount of tax credits issued over the lifetime of the credit is capped at $90 million, or $30 million per taxable year.

New York A04012 creates a work opportunity tax credit for eligible employees.

New York A04012 amends the tax law to create a work opportunity tax credit. This credit allows taxpayers a deduction against their tax liability, up to $500 per eligible employee per year. If the credit exceeds the taxpayer's tax for a given year, the excess is treated as an overpayment. The credit is applicable to wages paid to individuals hired after the effective date and expires on December 31, 2028. The total amount of tax credits issued over the lifetime of the credit is capped at $90 million, or $30 million per taxable year.