New Year, New Measures to Help Grow New York

With the start of the New Year upon us, a number of new initiatives and program aimed at boosting New York’s economy and establishing greater protections for residents are taking effect.

Among the new initiatives that have already taken effect are efforts to boost employment for members of the disabled community, provide assistance for local veterans, and a program to protect minors from identity theft.

The Workers with Disabilities Tax Credit Program will be available to business owners who employ individuals with developmental disabilities. The credit equals 15 percent of the wages for qualified full-time employees who work at least 30 hours per week, and 10 percent for qualified part-time employees who work at least eight hours per week.

The Homeless Veteran Assistance Fund will be created through a new dedicated tax check-off box that will allow New Yorkers to contribute any dollar amount when filing their personal income taxes to assist homeless veterans with housing and housing-related expenses.

A Hire a Veteran Tax Credit will provide businesses with a tax credit equal to 10 percent of the total amount of wages paid to the qualified veteran during their first full year of employment.

Also beginning in 2015, a new state law will protect minors from identity theft by requiring credit agencies to place a credit record freeze on the account of a minor when requested by a parent or guardian.

A list of additional tax credits and other programs that took effect on January 1 can be found at here.

It was a very productive year in 2014 for the Senate and these accomplishments are only a few of the positive initiatives that are taking effect. I expect 2015 will be even more productive as we work to boost New York’s economy and continue to make the Southern Tier a great place to live.

As always, I would like to extend best wishes for a safe, healthy, and happy New Year to all our area residents. Please accept my best wishes and do not hesitate to contact me if I can ever be of assistance.

Warmest regards,

Senator Cathy Young

57th District