Bill > S01555

This bill establishes a small business tax credit for the employment of disabled persons. The key provisions are: 1. A small business (100 employees or less) can claim a $5,000 tax credit for each disabled person hired, up to a maximum of $25,000 per year. The disabled person must work at least 35 hours per week and remain employed for at least 6 months. 2. The credit can be carried over for up to 3 years if it exceeds the business's tax liability for the year. 3. The term "disabled person" is defined as a resident of New York with a physical, mental, or medical impairment that prevents the exercise of normal bodily functions. 4. The total annual amount of tax credits available is capped at $5 million, to be allocated by the tax commissioner. 5. The labor department is authorized to administer the program, including certifying eligible employers and employees. The bill applies to taxable years beginning on or after January 1, 2025 and expires on December 31, 2030.