0001| HOUSE BILL 1220
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| GEORGE D. BUFFETT
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0005|
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0006|
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0007|
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0008|
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0009|
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0010| AN ACT
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0011| RELATING TO TAXATION; AUTHORIZING AN EMPLOYER TAX CREDIT FOR
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0012| THE EMPLOYMENT OF PERSONS WITH DEVELOPMENTAL DISABILITIES.
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0013|
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0014| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015| Section 1. A new section of the Income Tax Act is enacted
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0016| to read:
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0017| "[NEW MATERIAL] EMPLOYER CREDIT--EMPLOYEES WITH
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0018| DEVELOPMENTAL DISABILITIES.--
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0019| A. Any taxpayer who files an individual New Mexico
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0020| income tax return who is not a dependent of another individual
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0021| may claim a credit for the taxpayer's employees who are persons
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0022| with developmental disabilities. The credit may be claimed in
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0023| an amount equal to the sum of the amount determined for each
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0024| employee who is a person with a developmental disability, which
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0025| amount for each employee is equal to the product of one dollar
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0001| ($1.00) multiplied by the number of hours of the taxpayer's
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0002| taxable year that the employee was employed by the taxpayer.
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0003| B. A husband and wife who file separate returns for
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0004| a taxable year in which they could have filed a joint return
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0005| may each claim only one-half of the credit that would have been
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0006| allowed on a joint return.
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0007| C. A taxpayer who otherwise qualifies and claims a
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0008| credit pursuant to Subsection A of this section and who is a
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0009| member of a partnership or business association that is the
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0010| employer may claim a credit only in proportion to his interest
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0011| in the partnership or association. The total credit claimed by
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0012| all members of the partnership or association shall not exceed
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0013| an amount equal to the credit that would otherwise be available
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0014| to a single taxpayer.
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0015| D. The credit provided in this section may only be
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0016| deducted from the taxpayer's income tax liability for the
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0017| taxable year for which the credit is claimed.
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0018| E. As used in this section, "developmental
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0019| disability" has the same meaning as in the Developmental
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0020| Disabilities Act."
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0021| Section 2. A new section of the Corporate Income and
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0022| Franchise Tax Act is enacted to read:
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0023| "[NEW MATERIAL] EMPLOYER CREDIT--EMPLOYEES WITH
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0024| DEVELOPMENTAL DISABILITIES.--
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0025| A. Any taxpayer who files a corporate income tax
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0001| return may claim a credit for the taxpayer's employees who are
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0002| persons with developmental disabilities. The credit may be
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0003| claimed in an amount equal to the sum of the amounts for each
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0004| employee who is a person with a developmental disability, which
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0005| amount for each employee is equal to the product of one dollar
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0006| ($1.00) multiplied by the number of hours of the taxpayer's
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0007| taxable year that the employee was employed by the taxpayer.
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0008| B. A taxpayer who otherwise qualifies and claims a
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0009| credit pursuant to Subsection A of this section and who is a
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0010| member of a partnership or business association that is the
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0011| employer may claim a credit only in proportion to his interest
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0012| in the partnership or association. The total credit claimed by
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0013| all members of the partnership or association shall not exceed
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0014| the credit that would otherwise be available to a single
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0015| taxpayer.
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0016| C. The credit provided in this section may only be
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0017| deducted from the taxpayer's corporate income tax liability for
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0018| the taxable year for which the credit is claimed.
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0019| D. As used in this section, "developmental
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0020| disability" has the same meaning as when used in the
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0021| Developmental Disabilities Act."
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0022| Section 3. APPLICABILITY.--The provisions of this act
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0023| apply to taxable years beginning on or after January 1, 1997.
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0024|
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