“One of the biggest barriers facing people upon reentry continues to be the challenge of finding employment,” Mayor Kenney said in remarks prepared for a City Hall announcement Wednesday.
“Unlike the existing PREP tax credit, the Fair Chance Hiring Initiative will offer direct reimbursements for each qualifying position, rather than employers relying on tax credits.” Part of PREP’s problem was that it took so long for companies to see the benefit, a credit applied against the Business Income & Receipts Tax (BIRT).
To qualify, companies had to employ someone for a full year, fill out the paperwork and get it certified, and then allow the city’s Department of Revenue to audit its payrolls.
Then, when the next tax bill came due maybe a year later, depending on timing, and if the company passed muster, it wouldn’t have to pay as much.
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Also, if businesses were small, they might not even owe enough to the city to make it worth the trouble.
“I’m terrified,” says the actress, shot on location at a villa in Rome. For example, one rainy Friday morning in early April, as I arrive in the rehearsal room at Second Stage Theatre at Forty-third Street and Eighth Avenue, Seyfried, wearing black jeans and a hoodie, leaps out of her folding metal chair and wraps her whole tiny little self around me, hanging on for a bit longer than customary.
It was so ineffective that, in the course of its nine-year history, only 2,124 tax credits were issued out of million available for that purpose.
No more than two dozen business participated, even though many more routinely hired people coming out of prison.