STATE OF NEW YORK ________________________________________________________________________ 7161 2025-2026 Regular Sessions IN ASSEMBLY March 21, 2025 ___________ Introduced by M. of A. COOK, JACKSON, SEAWRIGHT, BUTTENSCHON, COLTON -- Multi-Sponsored by -- M. of A. STECK -- read once and referred to the Committee on Ways and Means 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 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08005-01-5
A. 7161 2 1 provisions of subsection (c) of section one thousand eighty-eight of 2 this chapter notwithstanding, no interest shall be paid thereon. The 3 total amount of credit to be provided statewide for this credit, the 4 credit allowed under subsection (qqq) of section six hundred six of this 5 chapter and subdivision (ff) of section fifteen hundred eleven of this 6 chapter shall not exceed fifteen million dollars in the aggregate in a 7 taxable year. 8 (c) Credit recapture. For provisions requiring recapture of credit, 9 see section forty-four of this chapter. 10 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 11 of the tax law is amended by adding a new clause (lii) to read as 12 follows: 13 (lii) Work opportunity tax credit Amount of credit under 14 under subsection (qqq) subdivision sixty-one of 15 section two hundred ten-B 16 § 3. Section 606 of the tax law is amended by adding a new subsection 17 (qqq) to read as follows: 18 (qqq) Work opportunity tax credit. (1) Allowance of credit. A taxpayer 19 shall be allowed a credit, against the tax imposed by this article, of 20 two thousand four hundred dollars for each long term unemployed person 21 hired during a taxable year. Such tax credit shall be applicable only to 22 businesses employing fifty or fewer employees. For the purposes of this 23 subdivision, a "long term unemployed person" shall be an individual who 24 has been a resident of New York for three years immediately preceding 25 hiring and who, prior to being hired by the business eligible for the 26 credit established pursuant to this subsection, had been unemployed and 27 receiving public assistance for six consecutive months or more, and is 28 retained for full-time employment by such business for at least one 29 year. 30 (2) Application of credit. If the amount of the credit allowed under 31 this subsection for any taxable year shall exceed the taxpayer's tax for 32 such year, the excess shall be treated as an overpayment of tax to be 33 credited or refunded in accordance with the provisions of section six 34 hundred eighty-six of this article, provided, however, that no interest 35 shall be paid thereon. The total amount of credit to be provided state- 36 wide for this credit, the credit allowed under subdivision sixty-one of 37 section two hundred ten-B of this chapter and subdivision (ff) of 38 section fifteen hundred eleven of this chapter shall not exceed fifteen 39 million dollars in the aggregate in a taxable year. 40 (3) Credit recapture. For provisions requiring recapture of credit, 41 see section forty-four of this chapter. 42 § 4. Section 1511 of the tax law is amended by adding a new subdivi- 43 sion (ff) to read as follows: 44 (ff) Work opportunity tax credit. (1) Allowance of credit. A taxpayer 45 shall be allowed a credit, against the tax imposed by this article, of 46 two thousand four hundred dollars for each long term unemployed person 47 hired during a taxable year. Such tax credit shall be applicable only to 48 businesses employing fifty or fewer employees. For the purposes of this 49 subdivision, a "long term unemployed person" shall be an individual who 50 has been a resident of New York for three years immediately preceding 51 hiring and who, prior to being hired by the business eligible for the 52 credit established pursuant to this subdivision, had been unemployed and 53 receiving public assistance for six consecutive months or more, and is 54 retained for full-time employment by such business for at least one
A. 7161 3 1 year. The total amount of credit to be provided statewide shall not 2 exceed fifteen million dollars in a taxable year. 3 (2) Application of credit. The credit allowed under this subdivision 4 shall not reduce the tax due for such year to be less than the minimum 5 fixed by paragraph four of subdivision (a) of section fifteen hundred 6 two or section fifteen hundred two-a of this article, whichever is 7 applicable. However, if the amount of the credit allowed under this 8 subdivision for any taxable year reduces the taxpayer's tax to such 9 amount, any amount of credit thus not deductible will be treated as an 10 overpayment of tax to be credited or refunded in accordance with the 11 provisions of section one thousand eighty-six of this chapter. Provided, 12 however, the provisions of subsection (c) of section one thousand eight- 13 y-eight of this chapter notwithstanding, no interest shall be paid ther- 14 eon. The total amount of credit to be provided statewide for this cred- 15 it, the credit allowed under subdivision sixty-one of section two 16 hundred ten-B of this chapter and subdivision (qqq) of section six 17 hundred six of this chapter shall not exceed fifteen million dollars in 18 the aggregate in a taxable year. 19 (3) Credit recapture. For provisions requiring recapture of credit, 20 see section forty-four of this chapter. 21 § 5. This act shall take effect immediately and shall apply to taxable 22 years beginning on and after January 1, 2026 and shall apply to eligible 23 individuals hired on and after such effective date.