Amends the tax law to adjust the minimum wage reimbursement credit for eligible employees.

This bill amends the tax law to modify the minimum wage reimbursement credit for eligible employees. It specifies the credit amount based on the number of hours worked by eligible employees paid at or below the minimum wage rate. The credit amount varies depending on the taxable year, with adjustments made if the federal minimum wage exceeds 85% of the state minimum wage. The changes apply to taxable years beginning on and after January 1, 2025.

Amends the tax law to adjust the minimum wage reimbursement credit for eligible employees.

This bill amends the tax law to modify the minimum wage reimbursement credit for eligible employees. It specifies the credit amount based on the number of hours worked by eligible employees paid at or below the minimum wage rate. The credit amount varies depending on the taxable year, with adjustments made if the federal minimum wage exceeds 85% of the state minimum wage. The changes apply to taxable years beginning on and after January 1, 2025.