Wages Tax Credit
The Wage Tax Credit is based on the number of new full
time employees in the certified EDZ businesses. This credit is $1,500 or $3,000 for
targeted employees (JTPA participants, recipients of public assistance, etc.)
paid at least 135% of minimum wage and $750 for all other new employees. This
credit may be taken for up to five consecutive years within the life of the Zone
program. The amount of the tax credit and carryovers of the credit deducted may
not exceed 50% of the tax imposed under the franchise tax or personal income
tax.
Eligibility Criteria
- Certified Economic Development Zone Businesses only.
- The number of individuals employed full time must
exceed the average number of individuals employed in the four years
immediately preceding the first year EDZ wages are paid.
- Individual must have worked over 50% of fiscal year for
which is credit is applied .
- Business must claim Wage Tax Credit in first year of
eligibility following certification.
- Employees for which credits are being claimed must be
certified by the NYS Department of Labor.
Click here for application
information.
