senate Bill S2158A

2011-2012 Legislative Session

Provides a tax credit in the amount of certain fees charged in connection with loans under the federal home loan guarantee program to national guard and reserve vets

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 30, 2012 print number 2158a
amend and recommit to investigations and government operations
Jan 04, 2012 referred to investigations and government operations
Jan 18, 2011 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

S2158 - Bill Details

See Assembly Version of this Bill:
A1196A
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S5129, A4009

S2158 - Bill Texts

view summary

Provides a tax credit in the amount of certain fees charged in connection with loans under the federal home loan guarantee program to national guard and reserve veterans.

view sponsor memo
BILL NUMBER:S2158

TITLE OF BILL:
An act
to amend the tax law, in relation to providing a tax credit in the amount
of certain fees charged in connection with loans under the federal home
loan guarantee program to national guard and reserve veterans

PURPOSE OR GENERAL IDEA OF BILL:
Expand federal home loan guarantee
for VA qualified NYS National Guard and Reserve veterans by providing
a NYS tax credit for the extra .75% difference in funding fee charges
between VA active duty veterans and eligible guard and reserve
veterans.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 - A veteran of the New York
National Guard of military reserve will be allowed a tax credit which
is equal to three quarters of one percent difference between fees
charged to veterans of National Guard or armed forces reserves and
the same fees charged to eligible active duty veterans, under loan
guarantee programs administered or funded by the federal home loan
mortgage corporation.
Section 2 - Effective date.

JUSTIFICATION:
The tax credit will offset the discrepancy of the .75%
in additional funding fees that National Guard and reservists pay
compared to active duty military personnel.

PRIOR LEGISLATIVE HISTORY:
New Bill.

FISCAL IMPLICATIONS:
To be Determined.

EFFECTIVE DATE:
This act shall take effect immediately and shall apply
to taxable years beginning on and after January 1, 2012.

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

                                  2158

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 18, 2011
                               ___________

Introduced  by Sen. McDONALD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to providing a  tax  credit  in
  the  amount of certain fees charged in connection with loans under the
  federal home loan guarantee program  to  national  guard  and  reserve
  veterans

  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 (ss) to read as follows:
  (SS)  CREDIT  FOR  CERTAIN FEES PAID TO THE FEDERAL HOME LOAN MORTGAGE
CORPORATION. 1.  AN ELIGIBLE TAXPAYER SHALL BE ALLOWED A CREDIT  AGAINST
THE  TAX IMPOSED BY THIS ARTICLE WHICH IS EQUAL TO THE THREE-QUARTERS OF
ONE PERCENT DIFFERENCE BETWEEN FEES CHARGED TO VETERANS OF THE  NATIONAL
GUARD  OR  ARMED  FORCES  RESERVES AND THE SAME FEES CHARGED TO ELIGIBLE
ACTIVE DUTY VETERANS, UNDER LOAN OR LOAN GUARANTEE PROGRAMS ADMINISTERED
OR FUNDED BY  THE  FEDERAL  HOME  LOAN  MORTGAGE  CORPORATION.  FOR  THE
PURPOSES  OF THIS SECTION AN ELIGIBLE TAXPAYER SHALL BE A VETERAN OF THE
NEW YORK NATIONAL GUARD OR MILITARY RESERVE.
  2. FOR PURPOSES OF THIS SUBSECTION, "VETERAN" SHALL MEAN A PERSON  WHO
SERVED  IN THE ACTIVE MILITARY, NAVAL, OR AIR SERVICE DURING A PERIOD OF
WAR, OR WHO WAS A RECIPIENT OF THE  ARMED  FORCES  EXPEDITIONARY  MEDAL,
NAVY  EXPEDITIONARY  MEDAL,  MARINE CORPS EXPEDITIONARY MEDAL, OR GLOBAL
WAR ON TERRORISM EXPEDITIONARY MEDAL, AND WHO WAS DISCHARGED OR RELEASED
THEREFROM UNDER HONORABLE CONDITIONS.
  3. FOR THE PURPOSES OF THIS SUBSECTION, "SERVICE DURING TIME  OF  WAR"
SHALL MEAN:
  (I)  THE  INDIVIDUAL  IN  QUESTION WAS A RECIPIENT OF THE ARMED FORCES
EXPEDITIONARY MEDAL, THE NAVY EXPEDITIONARY MEDAL OR  THE  MARINE  CORPS
EXPEDITIONARY MEDAL FOR PARTICIPATION IN OPERATIONS IN LEBANON FROM JUNE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01428-01-1

S. 2158                             2

FIRST, NINETEEN HUNDRED EIGHTY-THREE TO DECEMBER FIRST, NINETEEN HUNDRED
EIGHTY-SEVEN,  IN  GRENADA  FROM  OCTOBER TWENTY-THIRD, NINETEEN HUNDRED
EIGHTY-THREE TO NOVEMBER TWENTY-FIRST, NINETEEN HUNDRED EIGHTY-THREE, OR
IN PANAMA FROM DECEMBER TWENTIETH, NINETEEN HUNDRED EIGHTY-NINE TO JANU-
ARY THIRTY-FIRST, NINETEEN HUNDRED NINETY; OR
  (II)  THE  INDIVIDUAL SERVED ON ACTIVE DUTY FOR NINETY DAYS OR MORE IN
THE ARMED FORCES OF THE UNITED STATES DURING ANY ONE  OF  THE  FOLLOWING
WARS OR HOSTILITIES:
  (1)  IN  THE  SPANISH-AMERICAN WAR FROM THE TWENTY-FIRST DAY OF APRIL,
EIGHTEEN HUNDRED NINETY-EIGHT TO THE ELEVENTH  DAY  OF  APRIL,  EIGHTEEN
HUNDRED NINETY-NINE, INCLUSIVE;
  (2) IN THE PHILIPPINE INSURRECTION OR THE CHINA RELIEF EXPEDITION FROM
THE  ELEVENTH  DAY  OF APRIL, EIGHTEEN HUNDRED NINETY-NINE TO THE FOURTH
DAY OF JULY, NINETEEN HUNDRED TWO, INCLUSIVE;
  (3) IN THE MEXICAN BORDER CAMPAIGN FROM THE NINTH DAY OF MAY, NINETEEN
HUNDRED SIXTEEN, TO THE FIFTH DAY OF APRIL, NINETEEN HUNDRED  SEVENTEEN,
INCLUSIVE;
  (4)  IN  WORLD  WAR  I  FROM  THE SIXTH DAY OF APRIL, NINETEEN HUNDRED
SEVENTEEN TO THE ELEVENTH DAY OF NOVEMBER,  NINETEEN  HUNDRED  EIGHTEEN,
INCLUSIVE;
  (5) IN WORLD WAR II FROM THE SEVENTH DAY OF DECEMBER, NINETEEN HUNDRED
FORTY-ONE   TO  THE  THIRTY-FIRST  DAY  OF  DECEMBER,  NINETEEN  HUNDRED
FORTY-SIX, INCLUSIVE;
  (6) IN THE KOREAN HOSTILITIES FROM THE  TWENTY-SEVENTH  DAY  OF  JUNE,
NINETEEN  HUNDRED  FIFTY  TO  THE  THIRTY-FIRST DAY OF JANUARY, NINETEEN
HUNDRED FIFTY-FIVE, INCLUSIVE;
  (7) IN THE VIETNAM CONFLICT FROM THE TWENTY-SECOND  DAY  OF  DECEMBER,
NINETEEN  HUNDRED  SIXTY-ONE TO THE SEVENTH DAY OF MAY, NINETEEN HUNDRED
SEVENTY-FIVE;
  (8) IN THE PERSIAN GULF CONFLICT FROM THE SECOND DAY OF AUGUST,  NINE-
TEEN HUNDRED NINETY TO THE END OF SUCH CONFLICT.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2012.

S2158A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A1196A
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S5129, A4009

S2158A (ACTIVE) - Bill Texts

view summary

Provides a tax credit in the amount of certain fees charged in connection with loans under the federal home loan guarantee program to national guard and reserve veterans.

view sponsor memo
BILL NUMBER:S2158A

TITLE OF BILL:
An act
to amend the tax law, in relation to providing a tax credit in the amount
of certain fees charged in connection with loans under the federal home
loan guarantee program to national guard and reserve veterans

PURPOSE OR GENERAL IDEA OF BILL:
Expand federal home loan guarantee for VA qualified NYS National Guard
and Reserve veterans by providing a NYS tax credit for the extra .75%
difference in funding fee charges between VA active duty veterans and
eligible guard and reserve veterans.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 - A veteran of the New York National Guard of military
reserve will be allowed a tax credit which is equal to three quarters
of one percent difference between fees charged to veterans of
National Guard or armed forces reserves and the same fees charged to
eligible active duty veterans, under loan guarantee programs
administered or funded by the federal home loan mortgage corporation.
Section 2 - Effective date.

JUSTIFICATION:
The tax credit will offset the discrepancy of the .75% in additional
funding fees that National Guard and reservists pay compared to
active duty military personnel.

PRIOR LEGISLATIVE HISTORY:
New Bill.

FISCAL IMPLICATIONS:
To be Determined.

EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2013.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 2158--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 18, 2011
                               ___________

Introduced  by Sen. McDONALD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations -- recommitted to the Committee on Investigations  and
  Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN  ACT  to  amend the tax law, in relation to providing a tax credit in
  the amount of certain fees charged in connection with loans under  the
  federal  home  loan  guarantee  program  to national guard and reserve
  veterans

  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 (uu) to read as follows:
  (UU) CREDIT FOR CERTAIN FEES PAID TO THE FEDERAL  HOME  LOAN  MORTGAGE
CORPORATION.  1.  AN ELIGIBLE TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST
THE TAX IMPOSED BY THIS ARTICLE WHICH IS EQUAL TO THE THREE-QUARTERS  OF
ONE  PERCENT DIFFERENCE BETWEEN FEES CHARGED TO VETERANS OF THE NATIONAL
GUARD OR ARMED FORCES RESERVES AND THE SAME  FEES  CHARGED  TO  ELIGIBLE
ACTIVE DUTY VETERANS, UNDER LOAN OR LOAN GUARANTEE PROGRAMS ADMINISTERED
OR  FUNDED  BY  THE  FEDERAL  HOME  LOAN  MORTGAGE  CORPORATION. FOR THE
PURPOSES OF THIS SECTION AN ELIGIBLE TAXPAYER SHALL BE A VETERAN OF  THE
NEW YORK NATIONAL GUARD OR MILITARY RESERVE.
  2.  FOR PURPOSES OF THIS SUBSECTION, "VETERAN" SHALL MEAN A PERSON WHO
SERVED IN THE ACTIVE MILITARY, NAVAL, OR AIR SERVICE DURING A PERIOD  OF
WAR,  OR  WHO  WAS  A RECIPIENT OF THE ARMED FORCES EXPEDITIONARY MEDAL,
NAVY EXPEDITIONARY MEDAL, MARINE CORPS EXPEDITIONARY  MEDAL,  OR  GLOBAL
WAR ON TERRORISM EXPEDITIONARY MEDAL, AND WHO WAS DISCHARGED OR RELEASED
THEREFROM UNDER HONORABLE CONDITIONS.
  3.  FOR  THE PURPOSES OF THIS SUBSECTION, "SERVICE DURING TIME OF WAR"
SHALL MEAN:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01428-02-2

S. 2158--A                          2

  (I) THE INDIVIDUAL IN QUESTION WAS A RECIPIENT  OF  THE  ARMED  FORCES
EXPEDITIONARY  MEDAL,  THE  NAVY EXPEDITIONARY MEDAL OR THE MARINE CORPS
EXPEDITIONARY MEDAL FOR PARTICIPATION IN OPERATIONS IN LEBANON FROM JUNE
FIRST, NINETEEN HUNDRED EIGHTY-THREE TO DECEMBER FIRST, NINETEEN HUNDRED
EIGHTY-SEVEN,  IN  GRENADA  FROM  OCTOBER TWENTY-THIRD, NINETEEN HUNDRED
EIGHTY-THREE TO NOVEMBER TWENTY-FIRST, NINETEEN HUNDRED EIGHTY-THREE, OR
IN PANAMA FROM DECEMBER TWENTIETH, NINETEEN HUNDRED EIGHTY-NINE TO JANU-
ARY THIRTY-FIRST, NINETEEN HUNDRED NINETY; OR
  (II) THE INDIVIDUAL SERVED ON ACTIVE DUTY FOR NINETY DAYS OR  MORE  IN
THE  ARMED  FORCES  OF THE UNITED STATES DURING ANY ONE OF THE FOLLOWING
WARS OR HOSTILITIES:
  (1) IN THE SPANISH-AMERICAN WAR FROM THE TWENTY-FIRST  DAY  OF  APRIL,
EIGHTEEN  HUNDRED  NINETY-EIGHT  TO  THE ELEVENTH DAY OF APRIL, EIGHTEEN
HUNDRED NINETY-NINE, INCLUSIVE;
  (2) IN THE PHILIPPINE INSURRECTION OR THE CHINA RELIEF EXPEDITION FROM
THE ELEVENTH DAY OF APRIL, EIGHTEEN HUNDRED NINETY-NINE  TO  THE  FOURTH
DAY OF JULY, NINETEEN HUNDRED TWO, INCLUSIVE;
  (3) IN THE MEXICAN BORDER CAMPAIGN FROM THE NINTH DAY OF MAY, NINETEEN
HUNDRED  SIXTEEN, TO THE FIFTH DAY OF APRIL, NINETEEN HUNDRED SEVENTEEN,
INCLUSIVE;
  (4) IN WORLD WAR I FROM THE  SIXTH  DAY  OF  APRIL,  NINETEEN  HUNDRED
SEVENTEEN  TO  THE  ELEVENTH DAY OF NOVEMBER, NINETEEN HUNDRED EIGHTEEN,
INCLUSIVE;
  (5) IN WORLD WAR II FROM THE SEVENTH DAY OF DECEMBER, NINETEEN HUNDRED
FORTY-ONE  TO  THE  THIRTY-FIRST  DAY  OF  DECEMBER,  NINETEEN   HUNDRED
FORTY-SIX, INCLUSIVE;
  (6)  IN  THE  KOREAN  HOSTILITIES FROM THE TWENTY-SEVENTH DAY OF JUNE,
NINETEEN HUNDRED FIFTY TO THE  THIRTY-FIRST  DAY  OF  JANUARY,  NINETEEN
HUNDRED FIFTY-FIVE, INCLUSIVE;
  (7)  IN  THE  VIETNAM CONFLICT FROM THE TWENTY-SECOND DAY OF DECEMBER,
NINETEEN HUNDRED SIXTY-ONE TO THE SEVENTH DAY OF MAY,  NINETEEN  HUNDRED
SEVENTY-FIVE;
  (8)  IN THE PERSIAN GULF CONFLICT FROM THE SECOND DAY OF AUGUST, NINE-
TEEN HUNDRED NINETY TO THE END OF SUCH CONFLICT.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2013.

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