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Sponsors
2 Co-sponsors
History
- Print number 1907a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes a small business tax credit for the employment of disabled persons
In Assembly Committee · Ways And Means · Sponsor Michael Cusick
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1907A
Title of bill
An act to amend the tax law, in relation to establishing a small business tax credit for the employment of disabled persons
Purpose
To stimulate employment of disabled persons and retain their services.
Summary of provisions
Section 1: Amendment to section 210, subdivision 48 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 (xxxvii) in section 606 of the tax law, specifying preceded amendment.
Section 3: Amendment to section 606 of the tax law, new subdivision (xx), detailing the components of the business tax credit for the employment of disabled persons in a company of one hundred employees or less.
Justification
With the struggles one experiences in today's economy, it is a continuous uphill battle to seek and retain viable employment. Disabled persons, by far, face unprecedented challenges: a 2004 Harris poll cited disabled persons are nearly as twice as likely as people without disabilities to have an annual household income of $15,000 or less. And, according to a 2009 Bureau of Labor statistics study, the unemployment rate of persons with a disability was fifteen percent, compared to nine percent for those without a disability. Further, a 2006 disability status report published by Cornell University determined twenty-two percent of persons with disabilities are employed full-time, compared to fifty-seven percent of persons without disabilities. There are also income discrepancies: a median salary of $65,000 for persons without disabilities, 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.
Legislative history
2013: S.1907- Referred to Investigations and Government Operations
Fiscal implications
To be determined.
Effective date
Shall take effect immediately and apply to taxable years beginning on or after January 1, 2015.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.