Bill > S07043

This bill establishes a first permanent payroll employee tax credit, which allows a business to receive a tax credit for the three years following the employment of the business's first full-time, permanent payroll employee. The credit equals a portion of the total cost to employ the first permanent payroll employee, with the credit being 25% of the total cost in the first year, 20% in the second year, and 10% in the third year. The aggregate amount of tax credits allowed under this provision and a similar provision for personal income tax is $15 million each year, and the credit cannot be used to reduce the tax liability of the credit claimant below zero. The bill takes effect immediately and applies to taxable years commencing on and after January 1, 2020.