S T A T E O F N E W Y O R K
________________________________________________________________________
791
2009-2010 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 7, 2009
___________
Introduced by M. of A. GUNTHER -- Multi-Sponsored by -- M. of A. PHEFFER
-- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing personal income
tax credits for 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) VETERAN'S TAX CREDIT. (1) FOR TAXABLE YEARS BEGINNING ON AND
AFTER JANUARY FIRST, TWO THOUSAND ELEVEN, A RESIDENT TAXPAYER WHO IS A
VETERAN AS DEFINED IN PARAGRAPH (E) OF SUBDIVISION ONE OF SECTION FOUR
HUNDRED FIFTY-EIGHT-A 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 OR SECTION FOUR
HUNDRED FIFTY-EIGHT-A OF THE REAL PROPERTY 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.
LBD02355-01-9