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The Business Council supports the Executive Budget proposal to enhance the New York Youth Works Tax Credit. The youth tax credit has been very well received by employers, and has resulted in additional job opportunities for at-risk youth in economically challenged communities.
Currently, certified employers (within reasonable commuting distance of Albany, Buffalo, Mount Vernon, New Rochelle, New York City, Rochester, Schenectady, Syracuse, Utica, White Plains and Yonkers) that hire youths aged 16 to 24 for full-time work are eligible to receive $500 per month for up to six months that the individual is employed, plus an additional $1,000 if the youth is retained for at least an additional six months. If the youth is hired part-time, the employer receives $250 per month for up to six months, plus an additional $500 if the youth is retained for at least an additional six months.
The Executive Budget proposal would offer employers an additional $1,000 for each full-time employee if he or she is employed for at least an additional year after the first year of employment; and an additional $500 for each part-time employee (20 hours/week, or 10 hours/week for high school students) employed for an additional year.
The Business Council supports initiatives that foster college and career readiness. Statistics show that a high percentage of students entering college need remediation, and many lack the “soft skills”—working in groups, critical thinking, etc.—that are necessary for success in the work world. Exposure to work experiences plays a vital role in the education continuum.
The enhanced tax credit would increase annual allocation for the program from $6 million to $10 million.