Bill Text: NY A05513 | 2015-2016 | General Assembly | Amended
Bill Title: Establishes a small business tax credit for the employment of disabled persons.
Spectrum: Slight Partisan Bill (Democrat 8-5)
Status: (Engrossed - Dead) 2016-05-23 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [A05513 Detail]
Download: New_York-2015-A05513-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5513--C 2015-2016 Regular Sessions IN ASSEMBLY February 24, 2015 ___________ Introduced by M. of A. CUSICK, SIMANOWITZ, LUPARDO, McDONALD, FINCH, CROUCH, BLANKENBUSH -- read once and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accord- ance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee -- again reported from said committee with amendments, ordered reprinted as amended and recommitted to said committee -- again reported from said committee with amendments, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to establishing a small busi- ness tax credit for the employment of disabled persons The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 210-B of the tax law is amended by adding a new 2 subdivision 49 to read as follows: 3 49. Small business tax credit; disabled persons. (a) General. A 4 taxpayer who has one hundred employees or less, shall be allowed a cred- 5 it, to be computed as provided in this subdivision, against the tax 6 imposed by this article for each disabled person hired during a taxable 7 year, provided that such disabled person is employed for thirty-five 8 hours or more per week and remains in the employ of such taxpayer for 9 twelve months or more. 10 (b) Amount of credit. A credit authorized by this section shall equal 11 five thousand dollars per hired disabled person but shall not exceed 12 twenty-five thousand dollars. 13 (c) Carryovers. The credit allowed under this subdivision may be 14 claimed and if not fully used in the initial year for which the credit 15 is claimed may be carried over, in order, to each of the five succeeding 16 taxable years. The credit authorized by this subdivision may not be used 17 to reduce the tax liability of the credit claimant below zero. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD03112-10-6A. 5513--C 2 1 (d) Definitions. As used in this subdivision, the term "disabled 2 person" shall mean a person who suffers from any physical, mental or 3 medical impairment resulting from anatomical, physiological, genetic or 4 neurological conditions which prevents the exercise of a normal bodily 5 function or is demonstrable by medically accepted clinical or laboratory 6 diagnostic techniques. 7 (e) Aggregate amount. The aggregate amount of tax credits allowed 8 pursuant to the authority of this subdivision and subsection (ccc) of 9 section six hundred six of this chapter shall be five million dollars 10 each year. Such aggregate amounts of credits shall be allocated by the 11 commissioner. If the total amount of allocated credits applied for in 12 any particular year exceeds the aggregate amount of tax credits allowed 13 for such year under this section, such excess shall be treated as having 14 been applied for on the first day of the subsequent year. 15 (f) Claim of credit. A taxpayer shall not be allowed to claim this 16 credit to the extent the basis of the calculation of this credit has 17 been claimed for another tax credit under this chapter. 18 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 19 of the tax law is amended by adding a new clause (xliii) to read as 20 follows: 21 (xliii) Small business tax credit; Amount of credit under 22 disabled persons under subdivision forty-nine 23 subsection (ccc) of section two hundred 24 ten-B 25 § 3. Section 606 of the tax law is amended by adding a new subsection 26 (ccc) to read as follows: 27 (ccc) Small business tax credit; disabled persons. (1) General. A 28 taxpayer who has one hundred employees or less, shall be allowed a cred- 29 it, to be computed as provided in this subsection, against the tax 30 imposed by this article for each disabled person hired during a taxable 31 year, provided that such disabled person is employed for thirty-five 32 hours or more per week and remains in the employ of such taxpayer for 33 twelve months or more. 34 (2) Amount of credit. A credit authorized by this section shall equal 35 five thousand dollars per hired disabled person but shall not exceed 36 twenty-five thousand dollars. 37 (3) Carryovers. The credit allowed under this subsection may be 38 claimed and if not fully used in the initial year for which the credit 39 is claimed may be carried over, in order, to each of the five succeeding 40 taxable years. The credit authorized by this subsection may not be used 41 to reduce the tax liability of the credit claimant below zero. 42 (4) Definitions. As used in this subsection, the term "disabled 43 person" shall mean a person who suffers from any physical, mental or 44 medical impairment resulting from anatomical, physiological, genetic or 45 neurological conditions which prevents the exercise of a normal bodily 46 function or is demonstrable by medically accepted clinical or laboratory 47 diagnostic techniques. 48 (5) Aggregate amount. The aggregate amount of tax credits allowed 49 pursuant to the authority of this subsection and subdivision forty-nine 50 of section two hundred ten-B of this chapter shall be five million 51 dollars each year. Such aggregate amounts of credits shall be allocated 52 by the commissioner. If the total amount of allocated credits applied 53 for in any particular year exceeds the aggregate amount of tax credits 54 allowed for such year under this section, such excess shall be treated 55 as having been applied for on the first day of the subsequent year.A. 5513--C 3 1 (6) Claim of credit. A taxpayer shall not be allowed to claim this 2 credit to the extent the basis of the calculation of this credit has 3 been claimed for another tax credit under this chapter. 4 § 4. This act shall take effect immediately and shall apply to taxable 5 years beginning on or after January 1, 2017.
