Establishes the work opportunity tax credit for businesses with fifty employees or less for hiring a long term unemployed person; provides a credit shall be allowed of up to $2,400; provides the total amount of credit provided statewide shall not exceed fifteen million dollars.
Summary
Bill A07161 proposes the establishment of a work opportunity tax credit aimed at incentivizing businesses with fifty or fewer employees to hire long-term unemployed individuals. The credit allows for a deduction of up to $2,400 for each eligible hire, defined as a person who has been unemployed for six consecutive months or more, has received public assistance, and has been a resident of New York for at least three years prior to hiring. To qualify for the credit, the individual must be retained in full-time employment for at least one year.
Impact
The bill amends the New York tax law to introduce a new tax credit that specifically targets small businesses, thereby potentially increasing employment opportunities for long-term unemployed individuals. The total amount of credits distributed statewide is capped at fifteen million dollars annually, which may limit the program's reach. This legislation aims to reduce unemployment rates and support small businesses financially by offsetting some of their hiring costs.
Sentiment
The general sentiment surrounding Bill A07161 appears to be positive, as it seeks to address unemployment and support small businesses. However, the lack of voting history and committee discussions makes it difficult to gauge the full spectrum of opinions from legislators. The bill's focus on small businesses and long-term unemployed individuals aligns with broader economic recovery efforts, which may contribute to its favorable reception.
Contention
While there are no recorded votes or explicit points of contention in the provided context, potential areas of debate could include the effectiveness of the credit in actually reducing unemployment, the cap on the total credits available, and whether the criteria for long-term unemployed individuals are too restrictive. Stakeholders may also discuss the implications for larger businesses and whether similar incentives should be extended to them.
Same As
Establishes the work opportunity tax credit for businesses with fifty employees or less for hiring a long term unemployed person; provides a credit shall be allowed of up to $2,400; provides the total amount of credit provided statewide shall not exceed fifteen million dollars.
Payment rates established for certain substance use disorder treatment services, and vendor eligibility recodified for payments from the behavioral health fund.
Cover Outstanding Vulnerable Expansion-eligible Residents Now Act or the COVER Now Act This bill establishes a demonstration program to allow local governments to provide health benefits to the Medicaid expansion population in states that have not expanded Medicaid. Under the program, local governments may provide coverage for individuals who are newly eligible for Medicaid under the Patient Protection and Affordable Care Act (i.e., the Medicaid expansion population) for a maximum of 10 years, or until their respective states expand Medicaid. The bill provides a 100% federal matching rate for the first three years of program participation. The bill prohibits states from taking certain actions against participating localities, such as withholding funding, increasing taxes, or restricting provider participation. States that violate these requirements are subject to certain funding penalties.