S 7014: Provides that any taxpayer who employees twenty or fewer employees, the first fifty thousand dollars is exempted from taxation.

  
  STATE OF NEW YORK ________________________________________________________________________ 7014 2025-2026 Regular Sessions  IN SENATE March 28, 2025 ___________ Introduced by Sen. RHOADS -- 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 certain business taxpayers The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 210 of the tax law is amended by adding a new 2 subdivision 4 to read as follows: 3 4. In the case of a taxpayer who employs twenty or fewer employees, 4 the first fifty thousand dollars is exempt from taxation. 5 § 2. Section 601 of the tax law is amended by adding a new subsection 6 (h-1) to read as follows: 7 (h-1) Businesses with twenty or fewer employees. In the case of a 8 taxpayer who employs twenty or fewer employees, the first fifty thousand 9 dollars is exempt from taxation. 10 § 3. This act shall take effect immediately and shall apply to taxable 11 years beginning on or after January 1, 2027. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10912-01-5