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.