New York Youth Works Program

New York’s FY 2014-15 included a number of attractive additions and changes to taxes and incentives.

Corporations may look forward to a reduction in their franchise tax rate from 7.1% to 6.5%, effective January 1, 2016, while manufacturers will enjoy a reduced tax rate from 5.9% to 0% as of January 1, 2014, in addition to refundable income tax credit equal to 20% of the real property taxes paid by manufacturers that own property.

Additionally, for those businesses participating in the New York Youth Works Program, they will now be allowed a second year’s retention credit for each qualified employee employed for at least one additional year.