Res. No. 45
Title
Resolution calling upon the State Legislature to pass, and the Governor to sign, legislation that would create a tax incentive for small businesses to hire from within the communities in which they are located.
Body
By Council Members Cornegy, Brannan and Maisel
Whereas, While New York City's unemployment rate has been declining since its peak during the midst of the Great Recession, according to the New York State Department of Labor (DOL), as of November 2017 it still remained at 4.0 percent; and
Whereas, The unemployment rate varies from borough to borough, with the unemployment rate in November 2017 in the Bronx at 5.7 percent, Brooklyn at 4.1 percent, Staten Island at 4.0 percent, Manhattan at 3.6 percent, and Queens at 3.5, according to DOL; and
Whereas, In order to address unemployment in the City and to promote economic development within the City's communities, small businesses should receive a tax incentive to encourage them to hire employees from within the communities in which they are located; and
Whereas, Such tax incentive could be modeled after existing federal and New York State tax credits that reward businesses that hire employees from a specific pool of workers; and
Whereas, On the federal level, the Work Opportunity Tax Credit ("WOTC") offers employers a federal tax credit to hire from a targeted group of job seekers with barriers to employment, including veterans, people with disabilities, individuals receiving certain types of public assistance, ex-felons, and youth; and
Whereas, The maximum credit ranges from $1,200 to $9,600, depending on the type of employee hired; and
Whereas, In December 2015, President Obama signed an appropriations bill that renewed the WOTC through December 31, 2019; and
Whereas, The legislation also expanded the category of job seeker to include job seekers who are long-term unemployment compensation recipients; and
Whereas, New York State...
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