New York A04454 establishes a tax credit for businesses for the first three years of employing their first permanent payroll employee.

New York A04454 amends the tax law to establish a first permanent payroll employee tax credit. Businesses can claim this credit for the three years following the employment of their first permanent payroll employee. The credit equals a portion of the total cost to employ the employee, including base salary, New York state payroll taxes, and employment benefits. The credit phases down over three years: 25% in the first year, 20% in the second year, and 10% in the third year.

New York A04454 establishes a tax credit for businesses for the first three years of employing their first permanent payroll employee.

New York A04454 amends the tax law to establish a first permanent payroll employee tax credit. Businesses can claim this credit for the three years following the employment of their first permanent payroll employee. The credit equals a portion of the total cost to employ the employee, including base salary, New York state payroll taxes, and employment benefits. The credit phases down over three years: 25% in the first year, 20% in the second year, and 10% in the third year.