NEW YORK (WWTI) — A new tax credit is being implemented in New York State that will give restaurants incentives to hiring people quickly. Qualifying restaurants could receive a $5,000 tax credit per net hire, which could total up to $50,000 in tax credits per business.
“New York’s restaurants are not only the best in the world, they are vital to the state’s economy, employing thousands of people and showcasing cuisines that reflect our great diversity. Restaurants also serve as an entrepreneurial outlet and are often families’ gateways to the American Dream,” Governor Cuomo said in a press release.
The Restaurant Return-to-Work Tax Credit is available to small, independently owned restaurants in areas that were designated as an Orange Zone or Red Zone for at least 30 consecutive days by the New York State Department of Health. Restaurants will be evaluated based on their net new job growth from April 1 to August 31, 2021.
“The Restaurant Return-To-Work Tax Credit program, part of the State’s Business Pandemic Recovery Initiative, will help small restaurant owners to create new jobs, bring workers back quickly, and help our economy to build back better and stronger.” Chair of the Committee on Commerce, Economic Development, and Small Business, and Senator Anna M. Kaplan said in a press release.