Bill Text: NY S04093 | 2015-2016 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Establishes a small business tax credit for the employment of disabled persons.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Introduced - Dead) 2016-05-23 - PRINT NUMBER 4093C [S04093 Detail]

Download: New_York-2015-S04093-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         4093--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                    February 26, 2015
                                       ___________
        Introduced  by  Sens. ADDABBO, COMRIE, DILAN, ESPAILLAT, PARKER, PERKINS
          -- read twice and ordered printed, and when printed to be committed to
          the Committee on Investigations and Government Operations -- recommit-
          ted to the Committee on Investigations and  Government  Operations  in
          accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee
        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.
    18    (d)  Definitions.  As  used  in  this  subdivision, the term "disabled
    19  person" shall mean a person who suffers from  any  physical,  mental  or
    20  medical  impairment resulting from anatomical, physiological, genetic or
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03112-02-6