Bill > A09049

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' first full-time, permanent employee. The credit is equal to a portion of the total cost to employ the first permanent payroll employee, including base salary, New York state payroll taxes, and the value of employment benefits. The aggregate amount of tax credits allowed under this provision and a related section is $15 million each year, allocated by the commissioner. The bill applies to taxable years beginning on or after January 1, 2020.