What's happening
This bill creates a tax credit for New York businesses that make purchases from vocational programs serving people with developmental disabilities.
Why it matters
Direct financial incentive for businesses to support vocational programs. By offering a tax credit equal to 100% of purchases from vocational programs serving people with developmental disabilities, the bill creates a strong financial reason for New York businesses to become customers of these programs.
Potential boost for employment and training opportunities for people with disabilities. Increased business with vocational programs may lead to more jobs, better training, and expanded services for individuals with developmental disabilities, supporting their economic inclusion and independence.
Refundable credit structure maximizes accessibility. The credit is fully refundable, meaning businesses can benefit even if the credit exceeds their tax liability—removing barriers for smaller businesses or those with low profits that might otherwise be unable to take advantage of a non-refundable credit.
Targeted economic development within New York. The bill restricts eligibility to New York residents owning businesses located in the state, ensuring that the economic benefits and growth in opportunities for people with disabilities are concentrated within New York communities.
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Who cares
Headline styles
Vocational Program Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
6 Co-sponsors
2 Multi-sponsors
History
- Held for consideration in ways and means
- Referred to ways and means
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
9568
IN ASSEMBLY
January 23, 2018
Introduced by M. of A. CROUCH -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to creating a doing business with a vocational program tax credit
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 606 of the tax law is amended by adding a new subsection (iii) to read as follows:
(iii) Doing business with a vocational program tax credit. (1) Allowance of credit. A taxpayer who owns a business that makes purchases from a vocational program shall be allowed a credit, to be computed as provided in paragraph three of this subsection, against the tax imposed by this article. To qualify for the credit provided in this section, a taxpayer must be a New York resident and own a business located in New York.
(2) Definition. For the purposes of this subsection, the term "vocational program" shall have the same definition as set forth by the commissioner of the office of people with developmental disabilities.
(3) Amount of credit. The amount of credit shall equal one hundred percent of the purchases made by the taxpayer to a business that is a vocational program.
(4) Application of credit. If the amount of the credit allowed under this subsection for any taxable year shall exceed the taxpayer's tax for such year, the excess shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section six hundred eighty-six of this article, provided, however, that no interest shall be paid thereon.
§ 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xliv) to read as follows:
(xliv) Doing business with a Amount of credit vocational program under subdivision
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13863-01-7
A. 9568 2
tax credit under fifty-three of section subsection (iii) two hundred ten-B
§ 3. Section 210-B of the tax law is amended by adding a new subdivision 53 to read as follows:
53. Doing business with a vocational program tax credit. (a) Allowance of credit. A taxpayer who owns a business that makes purchases from a vocational program shall be allowed a credit, to be computed as provided in paragraph (c) of this subdivision, against the tax imposed by this article. To qualify for the credit provided in this section, a taxpayer must be a New York resident and own a business located in New York.
(b) Definition. For the purposes of this subdivision, the term "vocational program" shall have the same definition as set forth by the commissioner of the office of people with developmental disabilities.
(c) Amount of credit. The amount of credit shall equal one hundred percent of the purchases made by the taxpayer to a business that is a vocational program.
(d) Application of credit. If the amount of the credit allowed under this subdivision for any taxable year shall exceed the taxpayer's tax for such year, the excess shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section six hundred eighty-six of this chapter, provided, however, that no interest shall be paid thereon.
§ 4. This act shall take effect immediately and shall apply to all taxable years beginning on and after January 1, 2018.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.