July 2, 2024

Tax Talks

New York Farm Employer Overtime Credit – Advance Application Opens July 1

By: Austin Weaver


In December 2023, we shared two important Tax Talks blog articles on the New York Employer Overtime Credit.


New York Farm Employer Overtime Credit - What you need to know Part I


New York Farm Overtime Credit - What you need to know Part II


By now, New York State farm employers should be familiar with the new overtime pay requirements and tracking the required information to claim the associated tax credit for the 2024 tax year to the extent they are eligible. The time to apply for an advance of the credit is fast approaching with NYS Ag and Markets opening the application on July 1, 2024.

The eligible advance period remains January 1 through July 31, 2024, but the application process is opening early to allow farms and/or their representatives to begin entering data and applying early if they choose.

In part 2 of our previous blog post regarding this credit, we highlighted the information required to be reported. For purposes of the advance credit, NYS Ag and Markets and the Department of Tax Finance have simplified the process by dropping the requirement to supply actual payroll documentation or records along with the primary zip code where the work was performed. Employers should continue to maintain all necessary records and documentation should there be any questions about the information submitted.

The deadline to submit an advance payment claim remains September 30, 2024. Interested and eligible farm applicants are encouraged to begin the process early. If they won’t be entering the data themselves, they should register their representative to file on their behalf. 


The world of tax is constantly evolving, and it is important to monitor recent happenings and revisit your planning as often as needed. Our team at Farm Credit East is committed to staying up to date and bringing you the information needed to make informed decisions to optimize your unique tax situations.


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Tags: labor, tax planning, taxes

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