New Tax Credits Pass New York State Senate

New York State Senator Joseph P. Addabbo issued a press release last week detailing his support for state senate bill S. 1891. The bill, which has passed the state Senate, provides a number of tax benefits to small businesses, including some hiring-based tax credits.
From the press release:

Known as the Omnibus Tax Reduction Bill, the legislation provides for several tax reduction measures for individual and corporate taxpayers. First, with the New York Job Tax Credit, the benefit is equal to one hundred percent of the State withholding tax up to $5,000 for each job created above a business’s 2010 employment level.

Employers are eligible for an additional $3,000 per job if the new employee is receiving unemployment insurance at their time of hire.  This credit may be claimed for three consecutive tax years. Both personal income and corporate taxpayers are eligible to receive this credit.

To become law, the measures must still be considered by the state Assembly.

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