New York State Assembly

 
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A05513 Summary:

A05513 Actions:

A05513 Committee Votes:

Committee:WAYS AND MEANS   Chair:Farrell      
DATE:05/17/2016AYE/NAY:34/0  Action: Favorable         
Farrell
Aye
Oaks
Aye
Lentol
Aye
Crouch
Aye
Schimminger
Aye
Barclay
Aye
Gantt
Aye
Fitzpatrick
Aye
Weinstein
Aye
Saladino
Aye
Glick
Aye
Hawley
Aye
Nolan
Aye
Duprey
Aye
Pretlow
Aye
Corwin
Aye
Perry
Aye
Malliotakis
Aye
Colton
Aye
Walter
Aye
Cook
Aye
Cahill
Aye
Aubry
Aye
Hooper
Aye
Thiele
Aye
Wright
Aye
Cusick
Aye
Ortiz
Aye
Benedetto
Aye
Markey
Aye
Moya
Aye
Weprin
Aye
Rodriguez
Excused
Ramos
Aye
Braunstein
Aye

A05513 Floor Votes:

A05513 Text:

 
                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.
                                                                   LBD03112-10-6
        A. 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.