Establishes a first permanent payroll employee tax credit which allows a business to receive a tax credit for the three years following the employment of such business' first permanent payroll employee where such credit equals a portion of the amount it costs to employ such permanent payroll employee.

The NY S01301 bill proposes a tax credit for businesses that hire their first permanent employee. This credit would last for three years and would cover a portion of the costs associated with employing that employee. The aim is to encourage businesses to create jobs by easing their financial burden.

Supporters of this bill argue that it will stimulate job creation and support small businesses in New York. By providing financial relief for hiring their first permanent employee, it incentivizes growth and helps entrepreneurs invest in their workforce.

Critics may argue that the bill primarily benefits larger businesses that can afford to hire employees, while smaller businesses may not see significant advantages. Additionally, there are concerns that tax credits could lead to budget shortfalls, impacting public services and infrastructure.