Houston, TX, April 27, 2012 (GLOBE NEWSWIRE) -- On December 9th, 2011, New York Governor Andrew Cuomo signed the NY Youth Works Program into law to encourage businesses to hire unemployed disadvantaged youth. The program was designed to support job training and employment for eligible youth ages 16-24 who live in specified areas of New York State.
There was $25 Million in REFUNDABLE State Tax Credits allocated under this program. Even if an enterprise is not paying any state taxes, the enterprise can still receive a significant CASH REFUND from the program.
Paradigm Partners realized that the program could provide consequential financial benefits to businesses willing to help the unemployed, disadvantaged youth. With only $25 Million available, the challenge was to contact our prospects as quickly as possible to stress upon them the need to act now.
The call was heard with outstanding results.
Karim Solanji, a Director at Paradigm Partners, said "At this point, Paradigm Partners has successfully secured $7 Million of the $25 Million available from the program for its clients. And we expect several million more to be awarded to our existing pipeline of customers."
Under the program, each qualified employee that is hired by a company is worth up to $4,000 in tax credits.
Brian Cameron, EVP of Business Development with Paradigm, pointed out "As with many government programs, in order to obtain the benefits, there is a lot of research and paperwork required along with deadlines to meet. The NY Youth Works Program was no exception. Eligibility for the program had location rules and more importantly, the job had to pass some strenuous guidelines. It was apparent from the start that most enterprises could use the help of our company."
The bigger firms have chosen not to pursue the NY Youth Works incentive because it's not worth it. Not worth it to them maybe, but when was a small business owners' share of $25 Million not considered worth it?
Paradigm is proud of our accomplishments. However, we are not done. We are still welcoming new businesses to work with us to take advantage of this great tax credit. We won't stop until there are no more funds available for our clients.
The deadline for certification is November 30, 2012.
Contact Karim Solanji at 281-558-7100 x-109 or via email KSolanji@ParadigmLP.com to learn more about how we can help you benefit from the NY Youth Works Program.
About Paradigm Partners:
Paradigm Partners is a national consulting firm specializing in complex federal and state tax and funding incentives, for both public and private entities, across a host of industries. Paradigm Partners' staff boasts some of the industry's most experienced attorneys, engineers, PHDs, software developers, and audit experts.
The Company's core consulting portfolio includes R&D Tax Credits Analyses, Hiring and Location Tax Incentives, Grant and Non-dilutive Funding Advising, IC-DISC, Cost Segregation Studies, and Tax Controversy, Patent and Audit Defense Services.
Paradigm Partners was recently recognized on Inc. Magazine's 2011 Annual List of America's Fastest-Growing Private Companies - The Inc. 500, where they achieved a No. 37 distinction in the nationally-tracked Business Products and Services category and a ranking of No. 9 in Houston, TX.
Paradigm was also named as the 14th Fastest Growing Company on the Houston Business Journal's 2011 Fast 100 List. This honor is bestowed upon companies with the highest percentage of revenue growth in the Houston area.