Bill Text: NY S04107 | 2011-2012 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2012-01-09 - PRINT NUMBER 4107A [S04107 Detail]

Download: New_York-2011-S04107-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4107
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    March 17, 2011
                                      ___________
       Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       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 of the tax law  is  amended  by  adding  a  new
    2  subdivision 43 to read as follows:
    3    43.  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
   21  NEUROLOGICAL  CONDITIONS  WHICH PREVENTS THE EXERCISE OF A NORMAL BODILY
   22  FUNCTION OR IS DEMONSTRABLE BY MEDICALLY ACCEPTED CLINICAL OR LABORATORY
   23  DIAGNOSTIC TECHNIQUES.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10081-02-1
       S. 4107                             2
    1    S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
    2  of  the  tax  law  is  amended by adding a new clause (xxxii) to read as
    3  follows:
    4  (XXXII) SMALL BUSINESS TAX CREDIT;   COSTS UNDER SUBDIVISION
    5  DISABLED PERSONS                     FORTY-THREE OF SECTION
    6  SUBSECTION (SS)                      TWO HUNDRED TEN
    7    S 3.  Section 606 of the tax law is amended by adding a new subsection
    8  (ss) to read as follows:
    9    (SS)  SMALL  BUSINESS  TAX  CREDIT;  DISABLED  PERSONS. (1) GENERAL. A
   10  TAXPAYER WHO HAS ONE HUNDRED EMPLOYEES OR LESS, SHALL BE ALLOWED A CRED-
   11  IT, TO BE COMPUTED AS PROVIDED  IN  THIS  SUBSECTION,  AGAINST  THE  TAX
   12  IMPOSED  BY THIS ARTICLE FOR EACH DISABLED PERSON HIRED DURING A TAXABLE
   13  YEAR, PROVIDED THAT SUCH DISABLED PERSON  IS  EMPLOYED  FOR  THIRTY-FIVE
   14  HOURS  OR  MORE  PER WEEK AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR
   15  TWELVE MONTHS OR MORE.
   16    (2) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
   17  FIVE  THOUSAND  DOLLARS  PER  HIRED DISABLED PERSON BUT SHALL NOT EXCEED
   18  TWENTY-FIVE THOUSAND DOLLARS.
   19    (3) CARRYOVERS. THE  CREDIT  ALLOWED  UNDER  THIS  SUBSECTION  MAY  BE
   20  CLAIMED  AND  IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT
   21  IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
   22  TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE  USED
   23  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   24    (4)  DEFINITIONS.  AS  USED  IN  THIS  SUBSECTION,  THE TERM "DISABLED
   25  PERSON" SHALL MEAN A PERSON WHO SUFFERS FROM  ANY  PHYSICAL,  MENTAL  OR
   26  MEDICAL  IMPAIRMENT RESULTING FROM ANATOMICAL, PHYSIOLOGICAL, GENETIC OR
   27  NEUROLOGICAL CONDITIONS WHICH PREVENTS THE EXERCISE OF A  NORMAL  BODILY
   28  FUNCTION OR IS DEMONSTRABLE BY MEDICALLY ACCEPTED CLINICAL OR LABORATORY
   29  DIAGNOSTIC TECHNIQUES.
   30    S 4. This act shall take effect immediately and shall apply to taxable
   31  years beginning on or after January 1, 2012.