Senate Bill S4643

2017-2018 Legislative Session

Establishes a returning veterans tax credit for businesses that hire veterans and disabled veterans

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Veterans, Homeland Security And Military Affairs Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-S4643 (ACTIVE) - Details

Current Committee:
Senate Veterans, Homeland Security And Military Affairs
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6024
2013-2014: S1707
2015-2016: S6523
2019-2020: S2230
2021-2022: S647
2023-2024: S1153

2017-S4643 (ACTIVE) - Summary

Establishes a returning veterans tax credit for businesses that hire veterans and disabled veterans; provides that such tax credit is worth $3,000 per veteran hired or $4,000 for every disabled veteran hired and the total benefit shall not exceed $15,000 annually.

2017-S4643 (ACTIVE) - Sponsor Memo

2017-S4643 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4643
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 23, 2017
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Veterans, Homeland Securi-
   ty and Military Affairs
 
 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-B of the tax law is amended by  adding  a  new
 subdivision 52 to read as follows:
   52.  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 DISABLED
 VETERAN HIRED DURING A TAXABLE YEAR, PROVIDED THAT:
   (I) SUCH 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; OR
   (II) SUCH DISABLED VETERAN IS A  NEW  EMPLOYEE  WHO  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
 HIRED DISABLED 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 SEVENTEEN.
              

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