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New York Senate Passes 2012 NEW JOBS-NY Job Creation Plan

Thursday, May 31st, 2012

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.

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New Tax Credits Pass New York State Senate

Wednesday, February 9th, 2011

New York State Senator Joseph P. Addabbo issued a press release last week detailing his support for state senate bill S. 1891. The bill, which has passed the state Senate, provides a number of tax benefits to small businesses, including some hiring-based tax credits. 

From the press release:

Known as the Omnibus Tax Reduction Bill, the legislation provides for several tax reduction measures for individual and corporate taxpayers. First, with the New York Job Tax Credit, the benefit is equal to one hundred percent of the State withholding tax up to $5,000 for each job created above a business’s 2010 employment level.

Employers are eligible for an additional $3,000 per job if the new employee is receiving unemployment insurance at their time of hire.  This credit may be claimed for three consecutive tax years. Both personal income and corporate taxpayers are eligible to receive this credit.

To become law, the measures must still be considered by the state Assembly.

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