Bill > S04220

This bill establishes a small business tax credit for the employment of persons sixty-five years of age and older making less than seventy-five thousand dollars annually. The credit is worth $2,500 per hired person and has an annual cap of $10 million. Eligible small businesses with 100 or fewer employees can claim the credit, which can be carried over for up to five years if not fully used in the initial year. The bill aims to incentivize the employment of older workers by providing tax benefits to qualifying small businesses.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2021/S4220