NY S01799

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 such business' first permanent payroll employee where such credit equals a portion of the amount it costs to employ such permanent payroll employee.

Introduced
01/15/2021

In Committee
01/05/2022

Crossed Over

Passed

Dead
12/31/2022

Introduced Session

2021-2022 General Assembly

Bill Summary

AI Summary

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 permanent full-time employee. The credit is equal to 25% of the total cost to employ the employee in the first year, 20% in the second year, and 10% in the third year. The total aggregate amount of tax credits allowed under this provision and a related provision is $15 million each year. Taxpayers can claim the credit starting in the first taxable year after they have employed their first permanent full-time employee, as verified by their payroll records.

Committee Categories

Budget and Finance

Sponsors (8)

George Borrello (R)*, Fred Akshar (R), Patrick Gallivan (R), Daphne Jordan (R), Tom O'Mara (R), Rob Ortt (R), Patricia Ritchie (R), Jim Tedisco (R),

Last Action

REFERRED TO BUDGET AND REVENUE (on 01/05/2022)

Official Document

https://www.nysenate.gov/legislation/bills/2021/S1799

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.nysenate.gov/legislation/bills/2021/S1799
BillText	https://assembly.state.ny.us/leg/?default_fld=&bn=S01799&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01799

Bill	Bill Name	Last Action	Type
A04871	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 such business' first permanent payroll employee where such credit equals a portion of the amount it costs to employ such permanent payroll employee.	held for consideration in ways and means	Same As
S07043	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 such business' first permanent payroll employee where such credit equals a portion of the amount it costs to employ such permanent payroll employee.	NOTICE OF COMMITTEE CONSIDERATION - REQUESTED	Reintroduced

Bill > S01799

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (8)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary