New York S01301 establishes a tax credit for businesses that hire their first full-time, permanent employee.

New York S01301 amends the tax law to introduce a first permanent payroll employee tax credit. This credit allows businesses to receive a tax credit for three years following the employment of their first full-time, permanent employee. The credit is calculated as a percentage of the total cost to employ the employee, decreasing each year: 25% in the first year, 20% in the second year, and 10% in the third year. The credit can be carried over to subsequent years if not fully used. The total cost to employ includes base salary, New York state payroll taxes, and the value of employment benefits.

New York S01301 establishes a tax credit for businesses that hire their first full-time, permanent employee.

New York S01301 amends the tax law to introduce a first permanent payroll employee tax credit. This credit allows businesses to receive a tax credit for three years following the employment of their first full-time, permanent employee. The credit is calculated as a percentage of the total cost to employ the employee, decreasing each year: 25% in the first year, 20% in the second year, and 10% in the third year. The credit can be carried over to subsequent years if not fully used. The total cost to employ includes base salary, New York state payroll taxes, and the value of employment benefits.