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|          "[<u>NEW MATERIAL</u>]  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|          "[<u>NEW MATERIAL</u>]  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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