Senate Bill S5129

2009-2010 Legislative Session

Provides a tax credit in the amount of certain fees charged in connection with loans under the federal home loan guarantee program to national guard and reserve vets

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Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S5129 (ACTIVE) - Details

See Assembly Version of this Bill:
A4009
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S2158, A1196
2013-2014: A328
2015-2016: A3785
2017-2018: A1783
2019-2020: A2174
2021-2022: A6288
2023-2024: A4253

2009-S5129 (ACTIVE) - Summary

Provides a tax credit in the amount of certain fees charged in connection with loans under the federal home loan guarantee program to national guard and reserve veterans.

2009-S5129 (ACTIVE) - Sponsor Memo

2009-S5129 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5129

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 27, 2009
                               ___________

Introduced  by Sen. McDONALD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to providing a  tax  credit  in
  the  amount of certain fees charged in connection with loans under the
  federal home loan guarantee program  to  national  guard  and  reserve
  veterans

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
subsection (qq) to read as follows:
  (QQ)  CREDIT  FOR  CERTAIN FEES PAID TO THE FEDERAL HOME LOAN MORTGAGE
CORPORATION. 1.  AN ELIGIBLE TAXPAYER SHALL BE ALLOWED A CREDIT  AGAINST
THE  TAX IMPOSED BY THIS ARTICLE WHICH IS EQUAL TO THE THREE-QUARTERS OF
ONE PERCENT DIFFERENCE BETWEEN FEES CHARGED TO VETERANS OF THE  NATIONAL
GUARD  OR  ARMED  FORCES  RESERVES AND THE SAME FEES CHARGED TO ELIGIBLE
ACTIVE DUTY VETERANS, UNDER LOAN OR LOAN GUARANTEE PROGRAMS ADMINISTERED
OR FUNDED BY  THE  FEDERAL  HOME  LOAN  MORTGAGE  CORPORATION.  FOR  THE
PURPOSES  OF THIS SECTION AN ELIGIBLE TAXPAYER SHALL BE A VETERAN OF THE
NEW YORK NATIONAL GUARD OR MILITARY RESERVE.
  2. FOR PURPOSES OF THIS SUBSECTION, "VETERAN" SHALL MEAN A PERSON  WHO
SERVED  IN THE ACTIVE MILITARY, NAVAL, OR AIR SERVICE DURING A PERIOD OF
WAR, OR WHO WAS A RECIPIENT OF THE  ARMED  FORCES  EXPEDITIONARY  MEDAL,
NAVY  EXPEDITIONARY  MEDAL,  MARINE CORPS EXPEDITIONARY MEDAL, OR GLOBAL
WAR ON TERRORISM EXPEDITIONARY MEDAL, AND WHO WAS DISCHARGED OR RELEASED
THEREFROM UNDER HONORABLE CONDITIONS.
  3. FOR THE PURPOSES OF THIS SUBSECTION, "SERVICE DURING TIME  OF  WAR"
SHALL MEAN:
  (I)  THE  INDIVIDUAL  IN  QUESTION WAS A RECIPIENT OF THE ARMED FORCES
EXPEDITIONARY MEDAL, THE NAVY EXPEDITIONARY MEDAL OR  THE  MARINE  CORPS
EXPEDITIONARY MEDAL FOR PARTICIPATION IN OPERATIONS IN LEBANON FROM JUNE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02667-01-9
              

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