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Governor Hochul Launches First Phase of New Refundable Overtime Tax Credit Available for Farm Employers in 2024

Governor Hochul Launches First Phase of New Refundable Overtime Tax Credit Available for Farm Employers in 2024

February 13, 2024 Last Edit: July 21, 2024

The Farm Employer Overtime Credit is a refundable tax credit available for eligible farm employers who pay overtime wages after January 1st, 2024, based on the gradual phase-in of the overtime threshold in New York State.

The Farm Employer Overtime Credit is a refundable tax credit available for eligible farm employers who pay overtime wages after January 1st, 2024, based on the gradual phase-in of the overtime threshold in New York State. Farmers can apply for this refundable credit if they or their business are an eligible farmer; and employ eligible farm employees that were paid eligible overtime.

For more information, and a user guide to assist farmers with preparatory steps for this Refundable Tax Credit, please visit:

https://agriculture.ny.gov/system/files/documents/2024/01/farmemployerovertimecreditadvanceuserguide.pdf

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