New York State lawmakers have adopted a budget that includes the “nation’s first” recovery tax credit program. It provides tax incentives for certified employers who hire people in recovery from substance-abuse disorders in either full- or part-time positions, Gov. Andrew Cuomo announced on May 8. Beginning in the year 2020, up to $2 million will […]
New York State lawmakers have adopted a budget that includes the “nation’s first” recovery tax credit program.
It provides tax incentives for certified employers who hire people in recovery from substance-abuse disorders in either full- or part-time positions, Gov. Andrew Cuomo announced on May 8.
Beginning in the year 2020, up to $2 million will be allocated for this program annually, with employers receiving a maximum tax credit of $2,000 for each eligible person they hire.
The New York State Office of Alcoholism and Substance Abuse Services (OASAS) will administer the program in conjunction with the New York State Department of Taxation and Finance.
“As the opioid epidemic continues to impact families and communities across the state, we remain committed to ensuring individuals who are in recovery have the support they need to lead healthy lives,” Cuomo said in a news release. “This tax incentive will help remove the stigma surrounding addiction and ensure those battling this disease can create a stable and sustainable path to recovery.”
The recovery tax credit will provide eligible employers up to a $2,000 credit for each eligible individual who has worked a minimum of 500 hours. The state contends it will help create a recovery-oriented culture in business and local communities and will increase employment opportunities.
An employer that provides a recovery-supportive environment and otherwise meets the program’s requirements must apply annually to OASAS to claim the credit for eligible individuals employed during the preceding calendar year. Applications for the first year of the program will be due by Jan. 15, 2021, for eligible individuals employed during the 2020 tax year.
“This tax credit is a win-win for recovering New Yorkers and employers who need to bolster their workforce with skilled employees eager to contribute to their success. We encourage businesses to take advantage of this valuable incentive while helping to break the stigma of those recovering from addiction,” Andrew Morris, executive deputy commissioner of the New York State Department of Taxation and Finance, said in the release.
Post
Share
Tweet
Print
Email
Get our email updates
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
