-Authorizes a taxpayer who creates a new job to claim the New York jobs tax credit (Sec. 1). -Specifies that the amount of the credit will be equal to the amount of the withholding for each new employee (Sec. 1). -Specifies that the maximum amount of the credit for any new employee is $5,000 for each full year of employment (Sec. 1). -Authorizes the taxpayer to claim an additional credit of $3,000 if the new employee was receiving unemployment benefits at the time of hire, and specifies that this credit shall be paid for by federal stimulus funds (Sec. 1). -Specifies that the taxpayer may claim this credit for each new employee for a period of 3 years of employment (Sec. 1). -Specifies that if a new employee has been hired for less than one full tax year, the amount of the credit shall be prorated (Sec. 1). -Specifies that if a new employee for which a credit was earned leaves the payroll and an employee is hired which brings total employment above base employment but at or below the credit employment level, the credit eligibility period for such an employee shall be 3 years minus the number of months the departing employee received the credit (Sec. 1). -Specifies that if the amount of the credit exceeds the taxpayer's tax, the excess amount will be treated as an overpayment of tax to be refunded, but that no interest will be paid on the excess amount (Sec. 3). -Defines "new employee" as any full time employee whose hiring causes the total number of employees to increase above base employment or credit employment, whichever is higher (Sec. 1). -Defines "base employment" as the average number of full time employees or full time equivalent employees during the year 2010 (Sec. 1). -Defines "credit employment" as the base employment plus the number of new employees for which a credit is earned (Sec. 1). -Specifies that taxpayers who report small business taxable income in 2011 shall pay a tax that is the combination of the tax on small business taxable income and the tax on the amount resulting when small business taxable income is subtracted from New York taxable income (Sec. 1). -Defines "small business taxable income" as income derived as a sole proprietor, member of a partnership, or shareholder of a business that employs less than 50 employees or has a net income of less than $2 million (Sec. 3). -Excludes small business taxable income from the calculation of adjusted gross income (Sec. 2). -Exempts from taxes businesses that employ less than 50 employees or that have a net income of less than $2 million, beginning on January 1, 2012 (Sec. 4). -Establishes a Commission on Regulatory Reform and Economic Competitiveness to examine all current rules and regulations affecting the business community in New York State, and to recommend changes (Sec. 1). -Specifies that the Commission shall consist of the following 17 members appointed by the legislature (Sec. 2):

-2 members of the business community; -1 member of the small business community; -2 members from the labor community; -1 member from the agricultural community; -1 member from local government; and -4 "at large" members.