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NY A02008

NY A02008
Establishes a small business tax credit for the employment of disabled persons.


summary

Introduced
01/14/2025
In Committee
01/14/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 General Assembly

Bill Summary

AN ACT to amend the tax law and the labor law, in relation to establishing a small business tax credit for the employment of disabled persons; and providing for the repeal of such provisions upon expiration thereof

AI Summary

This bill establishes a small business tax credit program to incentivize employers with 100 or fewer employees to hire disabled persons, providing a tax credit of $5,000 per disabled employee hired, with a maximum credit of $25,000 per business. To qualify, a disabled person must work at least 35 hours per week for six months, and the employer must submit verification of the employee's disability status. A "disabled person" is defined as a New York state resident with a physical, mental, or medical impairment that prevents normal bodily function or can be diagnosed through clinical techniques. The total aggregate tax credits available are limited to $5 million annually, and credits can be carried forward for up to three years if not fully used in the initial tax year. Employers must apply through the commissioner and obtain both preliminary and final certificates of eligibility, which will require detailed documentation about the hired employees. The tax credit program will be in effect from January 1, 2027, to December 31, 2032, and is designed to provide financial support to small businesses that create employment opportunities for individuals with disabilities.

Committee Categories

Budget and Finance

Sponsors (26)

Last Action

referred to ways and means (on 01/14/2025)

bill text


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