SB 420 Summary

• Establishes a job creation tax credit program effective January 1, 2024, allowing employers to claim $200 per month for each new qualifying employee with disabilities hired.

• Defines "new qualifying employee" as a person with disabilities who qualifies for medical assistance, receives employment support services from state agencies (Bureau of Rehabilitation Services, Bureau of Education and Services for the Blind, or Department of Developmental Services), and is hired to work at least 15 hours per week for at least 24 weeks.

• Employers may claim the tax credit for the income year in which the employee is hired and the two immediately succeeding income years; unused credits expire and are non-refundable.

• Requires employers to apply to the Commissioner of Economic and Community Development, who must issue a certification letter within 30 days if the application is approved.

• Appropriates $2 million ($1 million each) to the Department of Aging and Disability Services and Department of Developmental Services for fiscal year 2024 to expand employment support services for persons with disabilities.