Home Business News Guest Op-Ed: Supporting economic recovery, the case for a New York State Work Opportunity Tax Credit

Guest Op-Ed: Supporting economic recovery, the case for a New York State Work Opportunity Tax Credit

Guest Op-Ed:   Supporting economic recovery, the case for a New York State Work Opportunity Tax Credit

by John Corr, the owner of Warwick, New York-based Trans Tech Bus, a builder of school buses

Being a co-owner of Trans Tech Bus, the only school bus manufacturer in New York, I have a keen understanding of the difficulties employers in our state face, especially when it comes to finding and keeping qualified employees. The COVID-19 pandemic has worsened the ongoing labor crisis, making it more challenging for businesses to fill critical roles and meet economic needs. Governor Hochul should therefore endorse the $500 Work Opportunity Tax Credit that is part of the legislature’s proposed budget.

Employers like us will benefit greatly from the Work Opportunity Tax Credit (WOTC), a useful instrument that will help us negotiate the challenges of the labor market. This tax credit provides financial incentives to companies who recruit members of specific categories that face severe job barriers, such as veterans, people with disabilities, and those receiving government assistance. It is modeled after the very popular federal Work Opportunity Tax Credit. The WOTC promotes hiring from these underrepresented groups by providing a financial incentive to employers, increasing the number of chances for all New Yorkers to engage in the workforce.

Trans Tech Bus sees the WOTC as a chance to support our community and meet our labor needs at the same time. As a school bus manufacturer, we depend on qualified workers to create, assemble, and repair our vehicles in accordance with the strictest safety regulations. But like many other firms in the state, we have had trouble finding and keeping skilled employees, especially for specialized positions like manufacturing and welding.

In order to continue meeting customer needs and upholding our commitment to safety and quality, the WOTC will allow us to invest in the training and development of our workers as well as draw in new talent. The WOTC will help us compete for qualified people in a competitive labor market by offering financial support to cover the costs of recruitment and training, which will eventually enhance our company and boost the economy of New York.

In addition, the WOTC may have a significant effect on the targeted workforce demographics—veterans and people with impairments, for example—who might otherwise encounter more obstacles to employment. The WOTC promotes companies to prioritize diversity and inclusion in their hiring practices by providing financial incentives to firms who hire from these groups. This creates chances for those who might otherwise find it difficult to find meaningful employment.

Fundamentally, the WOTC is about helping people and families throughout New York State, not simply companies. The WOTC makes it possible for people to better support themselves and their families, enhancing their financial security and quality of life, by assisting specific employee demographics in returning to the workforce. The WOTC also helps New York’s economy recover by increasing access to job opportunities, which promotes wealth and growth for all.

Finally, I implore Governor Hochul to back the $500 Work Opportunity Tax Credit that is proposed in the legislature’s budget. Senator Skoufis deserves special recognition for his vision and leadership in spearheading this endeavor. The Work Opportunity Tax Credit (WOTC) will help businesses recruit, train, and retain workers in a competitive labor market by offering financial incentives to employers who hire from targeted employee demographics. It will also assist individuals and families in New York State in achieving economic stability and success.

By working together, we can advance New York’s economic recovery and create a workforce that is more robust and inclusive.

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