Intern Tax Credit for New York Employers

January 20, 2014

A New York State law, effective as of this month, provides a tax credit to employers for hiring students at minimum wage. Eligible employers may annually report student workers’ hours and receive a deduction in taxes for each fiscal year between 2014 and 2018. This tax credit supplies an incentive for employers to bring students into the workplace, in hopes of providing sources of experience to younger workers.

Eligible employers must meet two requirements. First, the company must be organized as a corporation, a limited liability company, a partnership, or a sole proprietorship. Second, the organization must file taxes under any of five specified articles of the tax code, which apply to most organizations.

Eligible employees include students between the ages of 16 and 19, who work for an eligible employer and are paid the New York state minimum wage. A technical memo, issued by the New York State Department of Taxation and Finance, details the law. It includes the exact amount of tax credit and specifies which educational institutions qualify for the program.

Search Articles

Halpern & Scrom Law Newsletter

Please enter your email address below to sign up for our topical e-newsletter:
  • This field is for validation purposes and should be left unchanged.