New York S02429 creates a work opportunity tax credit for employers.

New York S02429 amends the tax law to introduce a work opportunity tax credit. Employers can claim this credit against their tax liability for wages paid to eligible employees. The credit is capped at $500 per eligible employee per year. Eligible employees must be New York residents belonging to a targeted group, as certified by the Department of Labor. The credit cannot reduce the taxpayer's tax liability below a certain minimum amount. The credit will be in effect for taxable years beginning on and after January 1, 2026, and will expire on December 31, 2028.

New York S02429 creates a work opportunity tax credit for employers.

New York S02429 amends the tax law to introduce a work opportunity tax credit. Employers can claim this credit against their tax liability for wages paid to eligible employees. The credit is capped at $500 per eligible employee per year. Eligible employees must be New York residents belonging to a targeted group, as certified by the Department of Labor. The credit cannot reduce the taxpayer's tax liability below a certain minimum amount. The credit will be in effect for taxable years beginning on and after January 1, 2026, and will expire on December 31, 2028.