Bill
A 2229
Overview: Bill Number: A 2229, Title: Establishes an employment of New York national guard and reserve members wage tax credit, Status: REFERRED TO WAYS AND MEANS, Introduced: Janu
Overview: Bill Number: A 2229, Title: Establishes an employment of New York national guard and reserve members wage tax credit, Status: REFERRED TO WAYS AND MEANS, Introduced: January 15, 2025
Purpose and Intent: This bill aims to create a tax credit for employers who hire and retain members of the New York National Guard and military reserves. The goal is to incentivize the employment of these service members and support their economic well-being.
Key Provisions:
- Establishes a refundable tax credit for employers equal to 20% of the wages paid to eligible National Guard and reserve members
- Applies the tax credit to wages paid to National Guard and reserve members who are employed for at least 6 consecutive months
- Allows the tax credit to be claimed for up to 5 years for each eligible employee
Affected Parties and Impacts:
- Employers in New York who hire and retain members of the National Guard and military reserves will be eligible for the tax credit
- National Guard and reserve members will benefit from increased employment opportunities and job security
- The state may see a reduction in tax revenue due to the tax credits claimed by eligible employers
Procedural and Timeline Considerations:
The bill has been referred to the Ways and Means committee for further consideration. If passed and signed into law, the tax credit program would take effect at the start of the next tax year, providing an incentive for employers to hire and retain National Guard and reserve members.
Compiled from official sources — confirm details with the bill’s official record.
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