In response to New York State Senate bill S3009B, starting Monday, April 14th, 2025,  Wrapbook will withhold 6.85% on loan-out payments for all projects applying for New York Tax Credits. If you have an existing project, you can enable this withholding in Project Settings > Payroll.

Please note: Wrapbook will withhold taxes for payments made on, or after, April 14, 2025. However, pending final legislation, withholding may be required on loan-out payments after January 1, 2025, for tax incentive purposes. If S3009B is not signed into law, or if the effective date is changed, all withheld taxes will be refunded in full.

If you would like to discuss how this legislation impacts payroll already finalized in 2025, or if you would like to increase withholding on a current check to compensate for lack of withholding on a previous check, please contact us at tax-incentives@wrapbook.com.