CHENANGO COUNTY – The office of New York State Senator Tom Libous is reminding area residents of a number of new laws that will go into effect this month, encompassing issues from job creation to animal protection.
Two laws designed to help veterans are to go into effect this year. Businesses can receive a tax credit for hiring and employing a qualified veteran. The credit is equal to 10 percent of the total amount of wages paid to the qualified veteran during their first full year of employment. If the veteran is disabled, the credit amount is increased to 15 percent.
A “Homeless Veteran Assistance Fund” will also go into effect which assists homeless veterans with housing and housing-related expenses. A new dedicated tax check-off will allow New Yorkers to make contributions to the fund when filing their personal income taxes.
Two tax credits are also scheduled to go into effect. The first, a corpoorate tax reform, will save businesses an estimated $205 million this year and $501 million annually by 2019, when the reforms are fully phased in. According to Libous’ office, these tax reforms will help businesses throughout the state reinvest in the local economy and create jobs. The second tax credit is a workers with disabilities tax credit program available to business owners who employ individuals with developmental disabilities. The credit equals 15 percent of the wages for qualified full-time employees who work at least 30 hours per week, and 10 percent for qualified part-time employees who work at least eight hours per week.