senate Bill S6024C

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:
A8837C
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:S6024C

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 45
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 thou-
sand dollars annually.

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--C

                            I N  S E N A T E

                               (PREFILED)

                             January 4, 2012
                               ___________

Introduced by Sens. GRISANTI, ALESI, BALL, DeFRANCISCO, GOLDEN, JOHNSON,
  LARKIN, RANZENHOFER -- read twice and ordered printed, and when print-
  ed to be committed to the Committee on Veterans, Homeland Security and
  Military  Affairs  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to  said  committee  --  reported
  favorably  from  said  committee  and  committed  to  the Committee on
  Finance -- committee discharged, bill amended,  ordered  reprinted  as
  amended  and  recommitted  to  said committee -- 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 A NEW EMPLOYEE AND 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 A NEW EMPLOYEE AND 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
ANNUALLY.
  (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 TEN SUCCEEDING

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13511-08-2

S. 6024--C                          2

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) "NEW EMPLOYEE" SHALL MEAN ANY FULL TIME EMPLOYEE THAT  CAUSES  THE
TOTAL  NUMBER  OF  EMPLOYEES TO INCREASE ABOVE BASE EMPLOYMENT OR CREDIT
EMPLOYMENT, WHICHEVER IS HIGHER.
  (II) "BASE YEAR" SHALL MEAN CALENDAR YEAR TWO THOUSAND ELEVEN.
  (III) "BASE EMPLOYMENT" SHALL MEAN THE AVERAGE  NUMBER  OF  FULL  TIME
EMPLOYEES  OR FULL TIME EQUIVALENT EMPLOYEES DURING THE BASE YEAR. FOR A
NEW BUSINESS, BASE EMPLOYMENT SHALL BEGIN AT ZERO.
  (IV) "CREDIT EMPLOYMENT" SHALL MEAN BASE EMPLOYMENT PLUS THE NUMBER OF
NEW EMPLOYEES FOR WHICH A CREDIT IS EARNED FOR THE PRIOR TAX YEARS.
  (V) "VETERAN" SHALL MEAN A VETERAN, AS DEFINED IN SECTION ONE  HUNDRED
ONE  OF  TITLE THIRTY-EIGHT OF THE UNITED STATES CODE, WHO SERVED EITHER
DURING A PERIOD OF WAR OR IN AN AREA DESIGNATED BY THE PRESIDENT OF  THE
UNITED  STATES  BY EXECUTIVE ORDER AS A "COMBAT ZONE" AT ANY TIME DURING
THE PERIOD DESIGNATED BY THE PRESIDENT BY EXECUTIVE ORDER AS THE  PERIOD
OF COMBATANT ACTIVITIES IN SUCH ZONE.
  (VI)  "WOUNDED  VETERAN"  SHALL MEAN A VETERAN, AS DEFINED PURSUANT TO
SUBPARAGRAPH (V) OF THIS PARAGRAPH, WHO  SUSTAINED  A  SERVICE-CONNECTED
DISABILITY  AS  CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION OR THE
UNITED STATES DEPARTMENT OF DEFENSE.  FOR PURPOSES OF THIS  SUBDIVISION,
THE TERM SERVICE-CONNECTED SHALL HAVE THE SAME MEANING AS IN SECTION ONE
HUNDRED ONE OF THE UNITED STATES CODE.
  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 A NEW EMPLOYEE AND 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 A NEW EMPLOYEE AND 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
ANNUALLY.
  (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 TEN  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:

S. 6024--C                          3

  (I) "NEW EMPLOYEE" SHALL MEAN ANY FULL TIME EMPLOYEE THAT  CAUSES  THE
TOTAL  NUMBER  OF  EMPLOYEES TO INCREASE ABOVE BASE EMPLOYMENT OR CREDIT
EMPLOYMENT, WHICHEVER IS HIGHER.
  (II) "BASE YEAR" SHALL MEAN CALENDAR YEAR TWO THOUSAND ELEVEN.
  (III)  "BASE  EMPLOYMENT"  SHALL  MEAN THE AVERAGE NUMBER OF FULL TIME
EMPLOYEES OR FULL TIME EQUIVALENT EMPLOYEES DURING THE BASE YEAR. FOR  A
NEW BUSINESS, BASE EMPLOYMENT SHALL BEGIN AT ZERO.
  (IV) "CREDIT EMPLOYMENT" SHALL MEAN BASE EMPLOYMENT PLUS THE NUMBER OF
NEW EMPLOYEES FOR WHICH A CREDIT IS EARNED FOR THE PRIOR TAX YEARS.
  (V)  "VETERAN" SHALL MEAN A VETERAN, AS DEFINED IN SECTION ONE HUNDRED
ONE OF TITLE THIRTY-EIGHT OF THE UNITED STATES CODE, WHO  SERVED  EITHER
DURING  A PERIOD OF WAR OR IN AN AREA DESIGNATED BY THE PRESIDENT OF THE
UNITED STATES BY EXECUTIVE ORDER AS A "COMBAT ZONE" AT ANY  TIME  DURING
THE  PERIOD DESIGNATED BY THE PRESIDENT BY EXECUTIVE ORDER AS THE PERIOD
OF COMBATANT ACTIVITIES IN SUCH ZONE.
  (VI) "WOUNDED VETERAN" SHALL MEAN A VETERAN, AS  DEFINED  PURSUANT  TO
SUBPARAGRAPH  (V)  OF  THIS PARAGRAPH, WHO SUSTAINED A SERVICE-CONNECTED
DISABILITY AS CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION  OR  THE
UNITED  STATES  DEPARTMENT OF DEFENSE.  FOR PURPOSES OF THIS SUBSECTION,
THE TERM SERVICE-CONNECTED SHALL HAVE THE SAME MEANING AS IN SECTION ONE
HUNDRED ONE OF THE UNITED STATES CODE.
  S 4. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2012 and  shall  apply  to  those
employees hired after this act shall take effect.

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