New York Minimum Wage and Veteran Tax Credits
New York now has two new tax credits for hiring qualified individuals. Effective for tax years beginning 2014 through 2018, the Minimum Wage Reimbursement Credit provides employers with a refundable credit of $0.75 to $1.35 per hour for hiring students aged 16 to 19 years old who are being paid the state minimum wage at some point during their employment. Effective for tax years beginning in 2015 and 2016, the Hire A Veteran Credit provides a credit of 10% of wages (up to $5,000 credit) for each qualified veteran working at least 35 hours per week, hired during 2014 or 2015, and employed for at least a year. The credit is raised to 15% of wages (up to $15,000 credit) if the veteran is disabled. Equifax Workforce Solutions can assist with screening new hires and submitting required information necessary to claim these valuable tax credits.