New York – Introduced Bill Creates New Tax Credits

SALT Report 3111 –The New York State Assembly introduced legislation that, if passed, would establish the Work-NY program.  This program would provide tax credits for small businesses based on hiring and investments and would eliminate the corporate franchise and personal income tax on manufacturers.

The Work-NY program would provide a business tax credit for each new job created, up to $5,000, and an additional $3,000 would be provided if the job goes to someone who is currently on unemployment.  Businesses with less than $250,000 in business income would receive a 10% tax credit.

In addition, the Bill would eliminate the highway use tax, the fuel use tax, and the ton-mile tax imposed on vehicles with a maximum gross weight of 18,000 pounds or more. However, the Bill makes provisions that would protect the Department’s ability to collect outstanding tax liabilities incurred prior to the repeal.

For Further Information

New York State Assembly – Assembly Bill 4565