senate Bill S6024A

Amended

Establishes a returning veterans tax credit for businesses that hire veterans and wounded veterans

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Bill Status


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

  • 04 / Jan / 2012
    • REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS
  • 11 / Jan / 2012
    • AMEND AND RECOMMIT TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS
  • 11 / Jan / 2012
    • PRINT NUMBER 6024A
  • 13 / Mar / 2012
    • REPORTED AND COMMITTED TO FINANCE
  • 20 / Apr / 2012
    • AMEND AND RECOMMIT TO FINANCE
  • 20 / Apr / 2012
    • PRINT NUMBER 6024B
  • 08 / May / 2012
    • AMEND AND RECOMMIT TO FINANCE
  • 08 / May / 2012
    • PRINT NUMBER 6024C
  • 22 / May / 2012
    • 1ST REPORT CAL.889
  • 23 / May / 2012
    • 2ND REPORT CAL.
  • 30 / May / 2012
    • ADVANCED TO THIRD READING
  • 19 / Jun / 2012
    • PASSED SENATE
  • 19 / Jun / 2012
    • DELIVERED TO ASSEMBLY
  • 19 / Jun / 2012
    • REFERRED TO WAYS AND MEANS

Summary

Establishes a returning veterans tax credit for businesses that hire veterans and wounded veterans; such tax credit is worth $3,000 per veteran hired or $4,000 for every wounded veteran hired and the total benefit shall not exceed $15,000 annually.

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Bill Details

See Assembly Version of this Bill:
A8837A
Versions:
S6024
S6024A
S6024B
S6024C
Legislative Cycle:
2011-2012
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L

Sponsor Memo

BILL NUMBER:S6024A

TITLE OF BILL:
An act
to amend
the tax law, in relation to establishing a returning veterans tax credit
for businesses that hire veterans

PURPOSE OR GENERAL IDEA OF BILL:
Provides tax credits for businesses that hire returning and wounded
veterans.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 amends section 210 of the tax law to add a new subdivision
44 which provides for a returning veterans tax credit. The amount of
the credit shall equal three thousand dollars per hired veteran and
four thousand dollars per hired wounded veteran, not to exceed
fifteen thousand dollars.

Section 2 amends subparagraph (B) of paragraph 1 of subsection (i) of
section 606 of the tax law by adding a new clause (xxxiv).

Section 3 amends section 606 of the tax law by adding a new subsection
(uu) which provides for a returning veterans tax credit.

JUSTIFICATION:
Veterans across New York State are struggling to find employment in
private sector industries hit hard by the recession. Unemployment
among all veterans in New York is over 7 percent. Unemployment has
reached a staggering 20 percent for veterans under the age of 30 who
recently returned home from Iraq and Afghanistan. According to the
Bureau of Labor Statistics, a significant number of recently returned
veterans have reported service-connected disabilities.

Our servicemen and women put their lives on the line to protect our
freedom. We are therefore responsible for enhancing their economic
opportunities to provide for themselves and for their families when
they return home. This bill will achieve this by providing tax relief
to businesses that hire returning and wounded veterans.

PRIOR LEGISLATIVE HISTORY:
None.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect immediately.

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

                                 6024--A

                            I N  S E N A T E

                               (PREFILED)

                             January 4, 2012
                               ___________

Introduced  by Sen. GRISANTI -- read twice and ordered printed, and when
  printed to be committed to the Committee on Veterans, Homeland Securi-
  ty and Military Affairs -- committee discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the tax law, in relation  to  establishing  a  returning
  veterans tax credit for businesses that hire veterans

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

  Section 1.  Section 210 of the tax law is  amended  by  adding  a  new
subdivision 45 to read as follows:
  45.  RETURNING  VETERANS  TAX CREDIT. (A) GENERAL. A TAXPAYER SHALL BE
ALLOWED A CREDIT, TO  BE  COMPUTED  AS  PROVIDED  IN  THIS  SUBDIVISION,
AGAINST  THE  TAX  IMPOSED  BY  THIS ARTICLE FOR EACH VETERAN OR WOUNDED
VETERAN HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH:
  (I) VETERAN IS EMPLOYED FOR THIRTY-FIVE HOURS OR  MORE  PER  WEEK  AND
REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
  (II)  WOUNDED  VETERAN IS EMPLOYED FOR SEVENTEEN AND ONE-HALF HOURS OR
MORE PER WEEK AND REMAINS IN THE EMPLOY  OF  SUCH  TAXPAYER  FOR  TWELVE
MONTHS OR MORE.
  (B)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
THREE THOUSAND DOLLARS PER HIRED VETERAN AND FOUR THOUSAND  DOLLARS  PER
HIRED WOUNDED VETERAN BUT SHALL NOT EXCEED FIFTEEN THOUSAND DOLLARS.
  (C)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER  THIS SUBDIVISION MAY BE
CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH  THE  CREDIT
IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
  (D)  DEFINITIONS.  AS  USED  IN  THIS SUBDIVISION, THE FOLLOWING TERMS
SHALL HAVE THE FOLLOWING MEANINGS:
  (I) "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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13511-04-2

S. 6024--A                          2

MEDAL, AND WHO WAS DISCHARGED  OR  RELEASED  THEREFROM  UNDER  HONORABLE
CONDITIONS.
  (II)  "WOUNDED  VETERAN"  SHALL MEAN A VETERAN, AS DEFINED PURSUANT TO
SUBPARAGRAPH (I) OF THIS PARAGRAPH, WHO SUSTAINED  A  SERVICE  CONNECTED
DISABILITY  AS  CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION OR THE
UNITED STATES DEPARTMENT OF DEFENSE, WHERE SUCH DISABILITY WAS  INCURRED
IN THE LINE OF DUTY IN THE ACTIVE MILITARY, NAVAL OR AIR SERVICE.
  S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a new  clause  (xxxiv)  to  read  as
follows:
(XXXIV) RETURNING VETERAN TAX        COSTS UNDER SUBDIVISION
CREDIT; SUBSECTION (UU)              FORTY-FIVE OF SECTION
                                     TWO HUNDRED TEN
  S  3. Section 606 of the tax law is amended by adding a new subsection
(uu) to read as follows:
  (UU) RETURNING VETERANS TAX CREDIT. (1) GENERAL. A TAXPAYER  SHALL  BE
ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
THE  TAX  IMPOSED  BY  THIS  ARTICLE FOR EACH VETERAN OR WOUNDED VETERAN
HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH:
  (I) VETERAN IS EMPLOYED FOR THIRTY-FIVE HOURS OR  MORE  PER  WEEK  AND
REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
  (II)  WOUNDED  VETERAN IS EMPLOYED FOR SEVENTEEN AND ONE-HALF HOURS OR
MORE PER WEEK AND REMAINS IN THE EMPLOY  OF  SUCH  TAXPAYER  FOR  TWELVE
MONTHS OR MORE.
  (2)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
THREE THOUSAND DOLLARS PER HIRED VETERAN AND FOUR THOUSAND  DOLLARS  PER
HIRED WOUNDED VETERAN BUT SHALL NOT EXCEED FIFTEEN THOUSAND DOLLARS.
  (3)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER  THIS  SUBSECTION MAY BE
CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH  THE  CREDIT
IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
TAXABLE  YEARS. THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED
TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
  (4) DEFINITIONS. AS USED IN THIS SUBSECTION, THE FOLLOWING TERMS SHALL
HAVE THE FOLLOWING MEANINGS:
  (I) "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.
  (II)  "WOUNDED  VETERAN"  SHALL MEAN A VETERAN, AS DEFINED PURSUANT TO
SUBPARAGRAPH (I) OF THIS PARAGRAPH, WHO SUSTAINED  A  SERVICE  CONNECTED
DISABILITY  AS  CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION OR THE
UNITED STATES DEPARTMENT OF DEFENSE, WHERE SUCH DISABILITY WAS  INCURRED
IN THE LINE OF DUTY IN THE ACTIVE MILITARY, NAVAL OR AIR SERVICE.
  S 4. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2012.

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