Bill > S00432

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 permanent payroll employee. The credit amount is a percentage of the total cost to employ the permanent employee, with 25% in the first year, 20% in the second year, and 10% in the third year. The bill sets an aggregate annual cap of $15 million for this credit and the related credit in the personal income tax. Taxpayers can claim the credit starting in the first taxable year after employing their first permanent employee, as verified on their payroll records.