Bill Text: NY S03688 | 2017-2018 | General Assembly | Amended
Bill Title: Establishes a small business tax credit for the employment of disabled persons.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2018-06-06 - SUBSTITUTED BY A1369A [S03688 Detail]
Download: New_York-2017-S03688-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 3688--A 2017-2018 Regular Sessions IN SENATE January 25, 2017 ___________ Introduced by Sens. ADDABBO, COMRIE, DILAN, PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations -- recommitted to the Commit- tee 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 committee AN ACT to amend the tax law, in relation to establishing a small busi- ness tax credit for the employment of disabled persons; and providing for the repeal of such provisions upon expiration thereof 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 53 to read as follows: 3 53. 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. LBD00368-03-8S. 3688--A 2 1 (e) Aggregate amount. The aggregate amount of tax credits allowed 2 pursuant to the authority of this subdivision and subsection (jjj) of 3 section six hundred six of this chapter shall be five million dollars 4 each year. Such aggregate amounts of credits shall be allocated by the 5 commissioner. If the total amount of allocated credits applied for in 6 any particular year exceeds the aggregate amount of tax credits allowed 7 for such year under this section, such excess shall be treated as having 8 been applied for on the first day of the subsequent year. 9 (f) Claim of credit. A taxpayer shall not be allowed to claim this 10 credit to the extent the basis of the calculation of this credit has 11 been claimed for another tax credit under this chapter. 12 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 13 of the tax law is amended by adding a new clause (xliv) to read as 14 follows: 15 (xliv) Small business tax credit; Amount of credit under 16 disabled persons under subdivision fifty-three 17 subsection (jjj) of section two hundred 18 ten-B 19 § 3. Section 606 of the tax law is amended by adding a new subsection 20 (jjj) to read as follows: 21 (jjj) Small business tax credit; disabled persons. (1) General. A 22 taxpayer who has one hundred employees or less, shall be allowed a cred- 23 it, to be computed as provided in this subsection, against the tax 24 imposed by this article for each disabled person hired during a taxable 25 year, provided that such disabled person is employed for thirty-five 26 hours or more per week and remains in the employ of such taxpayer for 27 twelve months or more. 28 (2) Amount of credit. A credit authorized by this section shall equal 29 five thousand dollars per hired disabled person but shall not exceed 30 twenty-five thousand dollars. 31 (3) Carryovers. The credit allowed under this subsection may be 32 claimed and if not fully used in the initial year for which the credit 33 is claimed may be carried over, in order, to each of the five succeeding 34 taxable years. The credit authorized by this subsection may not be used 35 to reduce the tax liability of the credit claimant below zero. 36 (4) Definitions. As used in this subsection, the term "disabled 37 person" shall mean a person who suffers from any physical, mental or 38 medical impairment resulting from anatomical, physiological, genetic or 39 neurological conditions which prevents the exercise of a normal bodily 40 function or is demonstrable by medically accepted clinical or laboratory 41 diagnostic techniques. 42 (5) Aggregate amount. The aggregate amount of tax credits allowed 43 pursuant to the authority of this subsection and subdivision fifty-three 44 of section two hundred ten-B of this chapter shall be five million 45 dollars each year. Such aggregate amounts of credits shall be allocated 46 by the commissioner. If the total amount of allocated credits applied 47 for in any particular year exceeds the aggregate amount of tax credits 48 allowed for such year under this section, such excess shall be treated 49 as having been applied for on the first day of the subsequent year. 50 (6) Claim of credit. A taxpayer shall not be allowed to claim this 51 credit to the extent the basis of the calculation of this credit has 52 been claimed for another tax credit under this chapter. 53 § 4. This act shall take effect immediately and shall apply to taxable 54 years beginning on or after January 1, 2019 and shall expire and be 55 deemed repealed December 31, 2024.
