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Tax Credit Crush Tuesday: New York Youth Jobs Program Tax Credit

12:00 AM Jamaal Solomon 0 Comments Category : , , ,


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Who doesn't love a tax credit? Tax credits can mean alot to small business owners. I would encouage all small business owners to have a sit down talk with their accountant about possible tax credits. Today, I will introduce the New York Youth Jobs Program tax credit. This is a New York state tax credit. Below is a summary from the NYS website. I have included the link to the site. This is just a little summary to bring awareness to the tax credit. It is up to you to investigate the credit.
  
New York Youth Jobs Program Tax Credit

You are entitled to this refundable credit if you or your business:

is certified by the New York State Department of Labor (DOL) to participate in the program,* and
hires qualified employees between the ages of 16 to 24. The qualified employees must start work between January 1 and December 31 of the program year in which you are participating. 

How much is the credit? 

If the qualified employee is hired for athe maximum credit isand is allowed as follows
full-time position (35 hours or more per week)$5,000
  • $500 per month, for a maximum of six months ($3,000 maximum); and
  • an additional $1,000 if the youth is employed for one full year.
  • An additional $1,000 if the youth is employed for two full years.
part-time position at least 20 hours per week (or 10 hours per week if enrolled in high school full-time)$2,500
  • $250 per month, for a maximum of six months ($1,500 maximum); and
  • an additional $500 if the youth is employed one full year.
  • An additional $500 if the youth is employed for two full years.
Note:  The credit component based on the first six months of employment will be allowed in the tax year in which you pay the wages to the qualified employee. The credit component based on employment beyond the first six months (employment of one full year) will be allowed in the tax year in which the additional six month period ends. The credit computed based on employment for two full years will be allowed in the tax year in which the second year of employment ends.




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Name: Jamaal Solomon





   

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