Bill > S05594

This bill establishes a tax credit of $1,500 for small businesses (defined as those with 50 or fewer employees) that hire and retain an eligible immigrant worker for full-time employment for at least six months during a taxable year. The bill amends the New York tax law to create this new tax credit, specifically adding provisions to Sections 210-B and 606 of the tax code. The credit is designed to incentivize small businesses to hire immigrant workers by providing a financial benefit for maintaining these employees for a minimum period. By offering this tax credit, the legislation aims to support both small businesses and immigrant workers by creating an economic incentive for employment. The tax credit can be applied against the taxes owed by the business, effectively reducing their tax liability for each eligible immigrant worker they hire and retain. The bill is set to take effect immediately upon passage.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S5594