senate Bill S2158A

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

download pdf

Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
view actions

actions

  • 18 / Jan / 2011
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 04 / Jan / 2012
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 30 / Mar / 2012
    • AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 30 / Mar / 2012
    • PRINT NUMBER 2158A

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.

do you support this bill?

Bill Details

See Assembly Version of this Bill:
A1196A
Versions:
S2158
S2158A
Legislative Cycle:
2011-2012
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Previous Legislative Cycles:
2009-2010: S5129, A4009
2007-2008: A6003A

Sponsor Memo

BILL NUMBER:S2158A

TITLE OF BILL:
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

PURPOSE OR GENERAL IDEA OF BILL:
Expand federal home loan guarantee for VA qualified NYS National Guard
and Reserve veterans by providing a NYS tax credit for the extra .75%
difference in funding fee charges between VA active duty veterans and
eligible guard and reserve veterans.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 - A veteran of the New York National Guard of military
reserve will be allowed a tax credit which is equal to three quarters
of one percent difference between fees charged to veterans of
National Guard or armed forces reserves and the same fees charged to
eligible active duty veterans, under loan guarantee programs
administered or funded by the federal home loan mortgage corporation.
Section 2 - Effective date.

JUSTIFICATION:
The tax credit will offset the discrepancy of the .75% in additional
funding fees that National Guard and reservists pay compared to
active duty military personnel.

PRIOR LEGISLATIVE HISTORY:
New Bill.

FISCAL IMPLICATIONS:
To be Determined.

EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2013.

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

                                 2158--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 18, 2011
                               ___________

Introduced  by Sen. McDONALD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations -- recommitted to the Committee on Investigations  and
  Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

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 (uu) to read as follows:
  (UU) 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:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01428-02-2

S. 2158--A                          2

  (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
FIRST, NINETEEN HUNDRED EIGHTY-THREE TO DECEMBER FIRST, NINETEEN HUNDRED
EIGHTY-SEVEN,  IN  GRENADA  FROM  OCTOBER TWENTY-THIRD, NINETEEN HUNDRED
EIGHTY-THREE TO NOVEMBER TWENTY-FIRST, NINETEEN HUNDRED EIGHTY-THREE, OR
IN PANAMA FROM DECEMBER TWENTIETH, NINETEEN HUNDRED EIGHTY-NINE TO JANU-
ARY THIRTY-FIRST, NINETEEN HUNDRED NINETY; OR
  (II) THE INDIVIDUAL SERVED ON ACTIVE DUTY FOR NINETY DAYS OR  MORE  IN
THE  ARMED  FORCES  OF THE UNITED STATES DURING ANY ONE OF THE FOLLOWING
WARS OR HOSTILITIES:
  (1) IN THE SPANISH-AMERICAN WAR FROM THE TWENTY-FIRST  DAY  OF  APRIL,
EIGHTEEN  HUNDRED  NINETY-EIGHT  TO  THE ELEVENTH DAY OF APRIL, EIGHTEEN
HUNDRED NINETY-NINE, INCLUSIVE;
  (2) IN THE PHILIPPINE INSURRECTION OR THE CHINA RELIEF EXPEDITION FROM
THE ELEVENTH DAY OF APRIL, EIGHTEEN HUNDRED NINETY-NINE  TO  THE  FOURTH
DAY OF JULY, NINETEEN HUNDRED TWO, INCLUSIVE;
  (3) IN THE MEXICAN BORDER CAMPAIGN FROM THE NINTH DAY OF MAY, NINETEEN
HUNDRED  SIXTEEN, TO THE FIFTH DAY OF APRIL, NINETEEN HUNDRED SEVENTEEN,
INCLUSIVE;
  (4) IN WORLD WAR I FROM THE  SIXTH  DAY  OF  APRIL,  NINETEEN  HUNDRED
SEVENTEEN  TO  THE  ELEVENTH DAY OF NOVEMBER, NINETEEN HUNDRED EIGHTEEN,
INCLUSIVE;
  (5) IN WORLD WAR II FROM THE SEVENTH DAY OF DECEMBER, NINETEEN HUNDRED
FORTY-ONE  TO  THE  THIRTY-FIRST  DAY  OF  DECEMBER,  NINETEEN   HUNDRED
FORTY-SIX, INCLUSIVE;
  (6)  IN  THE  KOREAN  HOSTILITIES FROM THE TWENTY-SEVENTH DAY OF JUNE,
NINETEEN HUNDRED FIFTY TO THE  THIRTY-FIRST  DAY  OF  JANUARY,  NINETEEN
HUNDRED FIFTY-FIVE, INCLUSIVE;
  (7)  IN  THE  VIETNAM CONFLICT FROM THE TWENTY-SECOND DAY OF DECEMBER,
NINETEEN HUNDRED SIXTY-ONE TO THE SEVENTH DAY OF MAY,  NINETEEN  HUNDRED
SEVENTY-FIVE;
  (8)  IN THE PERSIAN GULF CONFLICT FROM THE SECOND DAY OF AUGUST, NINE-
TEEN HUNDRED NINETY TO THE END OF SUCH CONFLICT.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2013.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.