On Wednesday, the New York State Senate passed the 2012 NEW JOBS-NY Job Creation Plan, which must now go before the state Assembly for consideration. Among many other provisions, this plan would provide the following new hiring-based incentives.
SMALL BUSINESS JOBS CREDIT: The plan would provide a 10 percent tax credit for about 800,000 small businesses that have at least one employee, have business income of less than $250,000, and that file under the personal income tax. This tax credit would help encourage new job creation by saving small businesses $80 million.
“HIRE-NOW-NY” TAX INCENTIVE: Our Hire-Now-NY proposal includes direct incentives to encourage businesses to begin expanding their workforce again. For each new job they create, a business would get a tax credit of up to $5,000.
The HIRE NOW benefit would increase to $8,000 if the qualifying new employee was unemployed.
“HIRE-A-VET” ENHANCED CREDIT: The Senate job creation plan would provide an enhanced tax credit of up to $10,000 to any business that hires a veteran returning home from military service.
Sorry, the Senate’s press release was very scant on detail. If this plan passes the NY Assembly, I will investigate further and provide additional details on the WOTC Planet.
See the full press release on the NY Senate’s website.