Bill > S1335

This bill proposes to create a new tax credit for businesses that hire individuals with mental illness or disabilities, aiming to incentivize employment for these groups. Specifically, it amends Chapter 62 of the General Laws by adding a new subsection (s) that allows businesses, defined broadly to include various entities like sole proprietorships, tax-exempt organizations, and partnerships, to claim a tax credit. This credit will be calculated as 30% of the first $6,000 in wages paid during the employee's first year of employment and 20% of the first $6,000 in wages paid during their second year. To qualify, businesses must obtain confirmation from the commissioner of the department of mental health that the hired individual meets the criteria of a qualified employee with a disability or illness. For tax-exempt organizations, this credit can be applied against state and local taxes withheld or against unrelated business taxable income. Furthermore, if the calculated credit exceeds the business's tax liability, the unused portion can be carried forward for up to five subsequent tax years.