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Senate Bill S5594

2025-2026 Legislative Session

Establishes a tax credit for small businesses employing an eligible immigrant worker

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Current Bill Status - In Senate Committee Budget And Revenue Committee

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2025-S5594 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L

2025-S5594 (ACTIVE) - Summary

Establishes a $1,500 tax credit for each eligible immigrant worker hired and retained for at least six months by a small business.

2025-S5594 (ACTIVE) - Sponsor Memo

2025-S5594 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5594
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             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:
 
   Section  1.  Section  210-B  of the tax law is amended by adding a new
 subdivision 61 to read as follows:
   61. IMMIGRANT WORKER TAX CREDIT. A TAXPAYER SHALL BE ALLOWED A  CREDIT
 AGAINST  THE  TAX  IMPOSED BY THIS ARTICLE, IN AN AMOUNT OF ONE THOUSAND
 FIVE HUNDRED DOLLARS FOR EACH ELIGIBLE IMMIGRANT WORKER HIRED  DURING  A
 TAXABLE  YEAR  AND  RETAINED  FOR  FULL-TIME EMPLOYMENT FOR AT LEAST SIX
 MONTHS. SUCH TAX CREDIT SHALL BE APPLICABLE ONLY TO BUSINESSES EMPLOYING
 FIFTY OR FEWER EMPLOYEES.
   § 2. Section 606 of the tax law is amended by adding a new  subsection
 (qqq) to read as follows:
   (QQQ) IMMIGRANT WORKER TAX CREDIT. A TAXPAYER SHALL BE ALLOWED A CRED-
 IT AGAINST THE TAX IMPOSED BY THIS ARTICLE, OF ONE THOUSAND FIVE HUNDRED
 DOLLARS  FOR  EACH ELIGIBLE IMMIGRANT WORKER HIRED DURING A TAXABLE YEAR
 AND RETAINED FOR FULL-TIME EMPLOYMENT FOR AT LEAST SIX MONTHS. SUCH  TAX
 CREDIT  SHALL  BE APPLICABLE ONLY TO BUSINESSES EMPLOYING FIFTY OR FEWER
 EMPLOYEES.
   § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by  adding a new clause (lii) to read as
 follows:
 
 (LII) IMMIGRANT WORKER TAX           AMOUNT OF CREDIT UNDER
 CREDIT UNDER SUBSECTION (QQQ)        SUBDIVISION SIXTY-ONE OF
                                      SECTION TWO HUNDRED TEN-B
 
   § 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

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