Bill > A04871

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 equals a portion of the total cost to employ the first permanent, full-time employee, including the base salary, New York state payroll taxes, and the value of employment benefits. The credit is available for the first, second, and third years following the employee's hire, at 25%, 20%, and 10% of the total employment cost, respectively. The aggregate amount of tax credits allowed under this bill and a related section of the tax law is $15 million per year, to be allocated by the tax commissioner.