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Assembly Bill A7101

2009-2010 Legislative Session

Provides personal income tax credits for cold war veterans who own tangible real property

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Archive: Last Bill Status - In Assembly Committee

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2009-A7101 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A652
2013-2014: A3773
2015-2016: A808
2017-2018: A888

2009-A7101 (ACTIVE) - Summary

Provides personal income tax credits for cold war veterans who own tangible real property.

2009-A7101 (ACTIVE) - Bill Text download pdf 

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

                                  7101

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 20, 2009
                               ___________

Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend the tax law, in relation to  providing  personal  income
  tax credits for cold war veterans who own tangible real property

  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 (e-2) to read as follows:
  (E-2)  COLD  WAR VETERAN'S TAX CREDIT. (1) FOR TAXABLE YEARS BEGINNING
ON JANUARY FIRST, TWO THOUSAND ELEVEN, A RESIDENT TAXPAYER WHO IS A COLD
WAR VETERAN AS DEFINED IN PARAGRAPH (A) OF SUBDIVISION  ONE  OF  SECTION
FOUR HUNDRED FIFTY-EIGHT-B OF THE REAL PROPERTY TAX LAW SHALL BE ALLOWED
A  CREDIT  AGAINST  THE TAX IMPOSED BY THIS ARTICLE EQUAL TO TWO HUNDRED
DOLLARS.
  (2) IF A TAXPAYER RECEIVES A REAL PROPERTY TAX EXEMPTION  RELATING  TO
SUCH STATUS UNDER SECTION FOUR HUNDRED FIFTY-EIGHT-B OF THE REAL PROPER-
TY TAX LAW, SUCH TAXPAYER SHALL NOT BE ELIGIBLE FOR THIS CREDIT.
  (3)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR,  THE  EXCESS
SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
ARTICLE, PROVIDED HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02354-01-9

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