S05594 Summary:
| BILL NO | S05594 |
| SAME AS | No Same As |
| SPONSOR | FERNANDEZ |
| COSPNSR | |
| MLTSPNSR | |
| Amd §§210-B & 606, Tax L | |
| Establishes a $1,500 tax credit for each eligible immigrant worker hired and retained for at least six months by a small business. | |
S05594 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 5594 2025-2026 Regular Sessions IN SENATE February 25, 2025 ___________ Introduced by Sen. FERNANDEZ -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to establishing a tax credit for small businesses employing an eligible immigrant worker The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 210-B of the tax law is amended by adding a new 2 subdivision 61 to read as follows: 3 61. Immigrant worker tax credit. A taxpayer shall be allowed a credit 4 against the tax imposed by this article, in an amount of one thousand 5 five hundred dollars for each eligible immigrant worker hired during a 6 taxable year and retained for full-time employment for at least six 7 months. Such tax credit shall be applicable only to businesses employing 8 fifty or fewer employees. 9 § 2. Section 606 of the tax law is amended by adding a new subsection 10 (qqq) to read as follows: 11 (qqq) Immigrant worker tax credit. A taxpayer shall be allowed a cred- 12 it against the tax imposed by this article, of one thousand five hundred 13 dollars for each eligible immigrant worker hired during a taxable year 14 and retained for full-time employment for at least six months. Such tax 15 credit shall be applicable only to businesses employing fifty or fewer 16 employees. 17 § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 18 of the tax law is amended by adding a new clause (lii) to read as 19 follows: 20 (lii) Immigrant worker tax Amount of credit under 21 credit under subsection (qqq) subdivision sixty-one of 22 section two hundred ten-B 23 § 4. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09027-01-5