senate Bill S1707

Amended

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

  • 09 / Jan / 2013
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 09 / Oct / 2013
    • AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 09 / Oct / 2013
    • PRINT NUMBER 1707A
  • 08 / Jan / 2014
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Summary

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

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Bill Details

See Assembly Version of this Bill:
A4098
Versions:
S1707
S1707A
Legislative Cycle:
2013-2014
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L
Versions Introduced in 2011-2012 Legislative Cycle:
S6024C, A8837C

Sponsor Memo

BILL NUMBER:S1707

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: 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 thousand 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 axe 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: S. 6024C Passed Senate in 2012

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: This act shall take effect immediately.

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

                                  1707

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sens. GRISANTI, BONACIC, GOLDEN, LARKIN, MAZIARZ, SEWARD
  -- read twice and ordered printed, and when printed to be committed to
  the Committee on Investigations and Government Operations

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 46 to read as follows:
  46.  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 DISABLED
VETERAN HIRED DURING A TAXABLE YEAR, PROVIDED THAT:
  (I) SUCH 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; OR
  (II) SUCH DISABLED VETERAN IS A  NEW  EMPLOYEE  WHO  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 DISABLED 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
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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05148-01-3

S. 1707                             2

  (II) "BASE YEAR" SHALL MEAN CALENDAR YEAR TWO THOUSAND TWELVE.
  (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  HAVE  THE  SAME MEANING AS SET FORTH IN SECTION
EIGHTY-FIVE OF THE CIVIL SERVICE LAW.
  (VI) "DISABLED VETERAN" SHALL HAVE THE SAME MEANING AS  SET  FORTH  IN
SECTION EIGHTY-FIVE OF THE CIVIL SERVICE LAW.
  S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a  new  clause  (xxxv)  to  read  as
follows:
(XXXV) RETURNING VETERAN TAX         COSTS UNDER SUBDIVISION
CREDIT; SUBSECTION (VV)              FORTY-SIX OF SECTION
                                     TWO HUNDRED TEN
  S  3. Section 606 of the tax law is amended by adding a new subsection
(vv) to read as follows:
  (VV) 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 DISABLED VETERAN
HIRED DURING A TAXABLE YEAR, PROVIDED THAT:
  (I) SUCH 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; OR
  (II) SUCH DISABLED 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 DISABLED 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:
  (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 TWELVE.
  (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  HAVE  THE  SAME MEANING AS SET FORTH IN SECTION
EIGHTY-FIVE OF THE CIVIL SERVICE LAW.
  (VI) "DISABLED VETERAN" SHALL HAVE THE SAME MEANING AS  SET  FORTH  IN
SECTION EIGHTY-FIVE OF THE CIVIL SERVICE LAW.
  S 4. This act shall take effect immediately and shall apply to taxable
years  beginning  on  or  after January 1, 2013 and shall apply to those
employees hired after this act shall take effect.

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