Bill > S04248

This bill establishes a job creation tax credit program designed to encourage businesses to create new jobs in the state by offering a 50% tax credit based on the income tax revenue generated by new full-time employees. Specifically, businesses can claim a tax credit equal to half of the new income tax revenue withheld from new employees for up to 10 years. To qualify, companies must submit an application to the Department of Economic Development demonstrating that the project will create new jobs, benefit the state's economy, and that the tax credit is a major factor in their decision to proceed with the project. Companies must also commit to maintaining operations at the project location for twice the number of years as the tax credit term. The bill defines a "new employee" carefully, excluding employees shifted from related businesses or family members, and requires companies to annually report on their new employees and income tax revenue. The Department of Economic Development must verify these reports and submit an annual report to state leadership, including an initial evaluation of the program's effectiveness in creating jobs and its economic impact. The tax credit applies to various business entities, including partnerships and S-corporations, and can be apportioned among business owners. The program is set to take effect for taxable years beginning on or after April 1, 2025.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S4248