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.
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