senate Bill S7439B

2011-2012 Legislative Session

Establishes business franchise and personal income tax credits for employment of discharged combat veterans

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 04, 2012 print number 7439b
amend and recommit to finance
May 31, 2012 reported and committed to finance
May 18, 2012 print number 7439a
amend and recommit to investigations and government operations
May 16, 2012 referred to investigations and government operations

S7439 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 606, Tax L

S7439 - Summary

Establishes business franchise and personal income tax credits for employment of discharged combat veterans.

S7439 - Sponsor Memo

S7439 - Bill Text download pdf

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

                                  7439

                            I N  S E N A T E

                              May 16, 2012
                               ___________

Introduced  by  Sen.  BALL  --  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 establishing business  fran-
  chise  and  personal  income  tax  credits  for employers which employ
  combat 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. CREDIT FOR EMPLOYMENT OF COMBAT VETERANS. (A) ALLOWANCE OF CREDIT.
A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS
SUBDIVISION, AGAINST THE TAX IMPOSED  BY  THIS  ARTICLE,  FOR  EMPLOYING
WITHIN THE STATE A COMBAT VETERAN.
  (B)  COMBAT  VETERAN.  A  COMBAT VETERAN IS A PERSON WHO SERVED IN THE
ARMED FORCES OF THE UNITED STATES WITHIN TWO YEARS OF COMMENCING EMPLOY-
MENT BY THE TAXPAYER, WHO SERVED IN A COMBAT ZONE AS DESIGNATED  BY  THE
DEPARTMENT OF DEFENSE, AND WHO HAS BEEN HONORABLY DISCHARGED OR RELEASED
UNDER  HONORABLE  CIRCUMSTANCES  FROM  SUCH SERVICE OR FURLOUGHED TO THE
RESERVE.
  (C) AMOUNT OF CREDIT. THE AMOUNT  OF  CREDIT  SHALL  BE  SIX  THOUSAND
DOLLARS  FOR  EACH  COMBAT  VETERAN  EMPLOYED BY THE TAXPAYER DURING THE
TAXABLE YEAR ON A FULL-TIME BASIS OF THIRTY-FIVE HOURS OR MORE  OF  WORK
PER  WEEK.  THE  CREDIT PROVIDED BY THE SUBDIVISION MAY ONLY BE CLAIMED,
WITH REGARD TO ANY COMBAT VETERAN, DURING THE FIRST  TWO  TAX  YEARS  OF
SUCH VETERANS' EMPLOYMENT BY THE TAXPAYER.
  (D) CARRYOVER. THE CREDIT ALLOWED PURSUANT TO THIS SUBDIVISION FOR ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
AMOUNT  PRESCRIBED  IN PARAGRAPH (D) OF SUBDIVISION ONE OF THIS SECTION.
HOWEVER, IF THE AMOUNT OF CREDIT ALLOWABLE UNDER  THIS  SUBDIVISION  FOR
ANY  TAXABLE  YEAR  REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT
NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER TO THE FOLLOWING
YEAR OR YEARS, AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR
OR YEARS.

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

Co-Sponsors

S7439A - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 606, Tax L

S7439A - Summary

Establishes business franchise and personal income tax credits for employment of discharged combat veterans.

S7439A - Sponsor Memo

S7439A - Bill Text download pdf

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

                                 7439--A

                            I N  S E N A T E

                              May 16, 2012
                               ___________

Introduced  by  Sen.  BALL  --  read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment  Operations  --  committee  discharged,  bill  amended,   ordered
  reprinted as amended and recommitted to said committee

AN  ACT to amend the tax law, in relation to establishing business fran-
  chise and personal income  tax  credits  for  employers  which  employ
  combat 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. CREDIT FOR EMPLOYMENT OF COMBAT VETERANS. (A) ALLOWANCE OF CREDIT.
A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS
SUBDIVISION,  AGAINST  THE  TAX  IMPOSED  BY THIS ARTICLE, FOR EMPLOYING
WITHIN THE STATE A COMBAT VETERAN.
  (B) COMBAT VETERAN. A COMBAT VETERAN IS A PERSON  WHO  SERVED  IN  THE
ARMED  SERVICES  OF  THE  UNITED  STATES  WITHIN TWO YEARS OF COMMENCING
EMPLOYMENT BY THE TAXPAYER, WHO SERVED IN A COMBAT ZONE AS DESIGNATED BY
THE PRESIDENT OF THE UNITED STATES BY EXECUTIVE ORDER, AND WHO HAS  BEEN
HONORABLY DISCHARGED OR RELEASED UNDER HONORABLE CIRCUMSTANCES FROM SUCH
SERVICE OR FURLOUGHED TO THE RESERVE.
  (C)  AMOUNT  OF  CREDIT.  THE  AMOUNT  OF CREDIT SHALL BE SIX THOUSAND
DOLLARS FOR EACH COMBAT VETERAN EMPLOYED  BY  THE  TAXPAYER  DURING  THE
TAXABLE  YEAR  ON A FULL-TIME BASIS OF THIRTY-FIVE HOURS OR MORE OF WORK
PER WEEK. THE CREDIT PROVIDED BY THE SUBDIVISION MAY  ONLY  BE  CLAIMED,
WITH  REGARD  TO  ANY  COMBAT VETERAN, DURING THE FIRST TWO TAX YEARS OF
SUCH VETERANS' EMPLOYMENT BY THE TAXPAYER.
  (D) CARRYOVER. THE CREDIT ALLOWED PURSUANT TO THIS SUBDIVISION FOR ANY
TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
AMOUNT PRESCRIBED IN PARAGRAPH (D) OF SUBDIVISION ONE OF  THIS  SECTION.
HOWEVER,  IF  THE  AMOUNT OF CREDIT ALLOWABLE UNDER THIS SUBDIVISION FOR
ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY  AMOUNT  OF  CREDIT
NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER TO THE FOLLOWING

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15869-02-2

Co-Sponsors

S7439B (ACTIVE) - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 606, Tax L

S7439B (ACTIVE) - Summary

Establishes business franchise and personal income tax credits for employment of discharged combat veterans.

S7439B (ACTIVE) - Sponsor Memo

S7439B (ACTIVE) - Bill Text download pdf

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

                                 7439--B

                            I N  S E N A T E

                              May 16, 2012
                               ___________

Introduced  by  Sens.  BALL,  HASSELL-THOMPSON -- read twice and ordered
  printed, and when printed to be committed to the Committee on Investi-
  gations  and  Government  Operations  --  committee  discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee -- reported favorably from said committee  and  committed  to  the
  Committee  on  Finance  -- committee discharged, bill amended, ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the tax law, in relation to establishing business  fran-
  chise  and  personal  income  tax  credits  for employers which employ
  combat 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. CREDIT FOR EMPLOYMENT OF COMBAT VETERANS. (A) ALLOWANCE OF CREDIT.
A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS
SUBDIVISION, AGAINST THE TAX IMPOSED  BY  THIS  ARTICLE,  FOR  EMPLOYING
WITHIN THE STATE A COMBAT VETERAN.
  (B)  COMBAT  VETERAN.  A  COMBAT VETERAN IS A PERSON WHO SERVED IN THE
ARMED SERVICES OF THE UNITED  STATES  WITHIN  TWO  YEARS  OF  COMMENCING
EMPLOYMENT BY THE TAXPAYER, WHO SERVED IN A COMBAT ZONE AS DESIGNATED BY
THE  PRESIDENT OF THE UNITED STATES BY EXECUTIVE ORDER, AND WHO HAS BEEN
HONORABLY DISCHARGED OR RELEASED UNDER HONORABLE CIRCUMSTANCES FROM SUCH
SERVICE OR FURLOUGHED TO THE RESERVE.
  (C) AMOUNT OF CREDIT. THE AMOUNT  OF  CREDIT  SHALL  BE  SIX  THOUSAND
DOLLARS  FOR  EACH  COMBAT  VETERAN  EMPLOYED BY THE TAXPAYER DURING THE
TAXABLE YEAR ON A FULL-TIME BASIS OF THIRTY-FIVE HOURS OR MORE  OF  WORK
PER  WEEK.  THE CREDIT PROVIDED BY THIS SUBDIVISION MAY ONLY BE CLAIMED,
WITH REGARD TO ANY COMBAT VETERAN, IF SUCH VETERAN HAS BEEN EMPLOYED  BY
THE  TAXPAYER  ON A FULL-TIME BASIS FOR AT LEAST TWENTY-FIVE CONSECUTIVE
WEEKS. PROVIDED THAT THE TAXPAYER MAY ONLY CLAIM  CREDIT  FOR  A  COMBAT
VETERAN FOR THE TAXABLE YEAR IN WHICH SUCH VETERAN COMPLETED THE EMPLOY-
MENT  DURATION  REQUIREMENT    OF  THIS  PARAGRAPH  AND  THE IMMEDIATELY

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15869-04-2

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