S T A T E O F N E W Y O R K
________________________________________________________________________
8837--C
I N A S S E M B L Y
(PREFILED)
January 4, 2012
___________
Introduced by M. of A. THIELE, SWEENEY, ABINANTI, ENGLEBRIGHT, LATIMER,
JAFFEE, HEVESI, COLTON, GUNTHER, MAGNARELLI, GIBSON, LUPARDO,
N. RIVERA, ROBERTS, GALEF, BURLING, McLAUGHLIN, TENNEY, RAMOS, CASTRO,
ROBINSON, SCHIMEL, WEPRIN, HOOPER, SCHIMMINGER -- Multi-Sponsored by
-- M. of A. CALHOUN, CASTELLI, CERETTO, CONTE, CRESPO, CROUCH,
DUPREY, FINCH, GRAF, JOHNS, KATZ, P. LOPEZ, LOSQUADRO, MARKEY,
J. MILLER, MONTESANO, MURRAY, NOLAN, PALMESANO, RA, SAYWARD, TITONE,
WEISENBERG -- read once and referred to the Committee on Ways and
Means -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee -- again reported from said
committee with amendments, ordered reprinted as amended and recommit-
ted to said committee -- again reported from said committee with
amendments, 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13511-09-2
A. 8837--C 2
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
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
A. 8837--C 3
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 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.