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A01369 Summary:

COSPNSRLupardo, McDonald, Finch, Crouch, Blankenbush, Colton, Sepulveda, Malliotakis, Weprin, Hunter
Amd 210-B & 606, Tax L
Establishes a small business tax credit for the employment of disabled persons.
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A01369 Memo:

submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A1369        Revised 2/23/17
  TITLE OF BILL: An act to amend the tax law, in relation to establish- ing a small business tax credit for the employment of disabled persons   PURPOSE OR GENERAL IDEA OF BILL: To stimulate employment of disabled persons and retain their services.   SUMMARY OF SPECIFIC PROVISIONS: Section 1: Amendment to section 210-B, subdivision 49 of the tax law, for the providence of a business tax credit for the employer in regards to the employment of disabled persons for the duration of twelve months or more for a minimum of thirty-five hours per a week. Tax credit range will range between five thousand to twenty-five thousand dollars. Section 2: The adoption of a new clause (xli) in section 606 of the tax law, specifying preceded amendment. Section 3: Amendment to section 606 of the tax law, detailing the compo- nents of the business tax credit for the employment of disabled persons in a company of one hundred employees or less and establishes a $5 million cap on the credit each year. The bill also specifies that a taxpayer shall not be allowed to claim this credit if the calculation of this credit has been claimed for another tax credit. Section 4: The effective date.   JUSTIFICATION: With the struggles one experiences in today's economy, it is a contin- uous uphill battle to seek and retain viable employment. Disabled persons, by far, face unprecedented challenges. According to a 2015 Bureau of Labor Statistics study, the unemployment rate of persons with a disability was ten point seven percent, compared to five percent for those without a disability. Further, a 2015 disability status report published by Cornell University determined twenty-two percent of persons with disabilities are employed full-time, compared to fifty-eight point six percent of persons without disabilities. There are also income discrepancies: a median salary of $65,000 for persons without disabili- ties, compared to a $36,000 median salary for persons with disabilities. To stimulate employment for their services, a tax credit is being proposed to small business owners that retain disabled persons within their company for twelve months or more at a minimum of thirty-five hours of employment per a week. Their services will contribute to the economic growth of New York State, create greater awareness of their overlooked skills, and establish fairness with confidence.   PRIOR LEGISLATIVE HISTORY: 2016: A.5513-C - Passed Assembly / S.4093-C A - Died in Investigations and Government Operations; 2014-2013: A.570-A - Died in Ways and Means / S.1907-A - Died in Inves- tigations and Government Operations; 2012: A.8385-A - died in Ways and Means / S.4107-A - Died in Investi- gations and Government Operations; 2011: A.8385 - Referred to Ways and Means.   FISCAL IMPLICATIONS: To be determined.   EFFECTIVE DATE: This act shall take effect immediately and apply to taxable years begin- ning on or after January 1, 2018.
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