Bill > S03458

This bill establishes a small business tax credit for the employment of disabled persons in New York. The key provisions include: 1. Allowing small businesses with 100 or fewer employees to claim a tax credit of $5,000 per disabled person hired, up to a maximum of $25,000 per year. The disabled person must be employed for at least 35 hours per week and remain employed for at least 6 months. 2. Defining a "disabled person" as a New York resident with a physical, mental, or medical impairment that prevents the exercise of a normal bodily function or is demonstrable through medical diagnosis. 3. Capping the total amount of tax credits available under this program at $5 million per year, to be allocated by the Commissioner. 4. Empowering the Commissioner of Labor to administer the program, including establishing guidelines for employer certification and employee eligibility. 5. Allowing any unused credit to be carried over for up to 3 years. The bill is effective immediately and applies to taxable years beginning on or after January 1, 2023, expiring on December 31, 2028.