Bill > S03033

This bill provides a tax deduction for small businesses, specifically allowing them to deduct 25% of wages paid to up to ten employees who earn up to 110% of the minimum wage. The deduction is targeted at supporting small businesses as defined by the economic development law, and is designed to help these employers offset labor costs for lower-wage workers. The bill amends the state tax law by adding a new paragraph to the existing tax code that creates this deduction. The tax break will apply to taxable years beginning on or after January 1, 2026, meaning small businesses can start claiming this deduction in the 2026 tax year. By offering this financial incentive, the bill aims to provide economic support to small businesses and potentially encourage them to maintain or increase employment for workers earning at or near minimum wage.