Senate Bill S6920

2017-2018 Legislative Session

Relates to combat veteran tax credit for entrepreneurs

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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-S6920 (ACTIVE) - Details

See Assembly Version of this Bill:
A10581
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add §44, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: S2546, A2494
2021-2022: S5714
2023-2024: S2664

2017-S6920 (ACTIVE) - Summary

Relates to combat veteran tax credit for entrepreneurs.

2017-S6920 (ACTIVE) - Sponsor Memo

2017-S6920 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6920
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             October 18, 2017
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law, in relation to establishing a combat veter-
   an tax credit for entrepreneurs
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The tax law is amended by adding a new section 44 to read
 as follows:
   § 44.  COMBAT VETERAN ENTREPRENEUR CREDIT. (A) ALLOWANCE OF CREDIT.  A
 COMBAT  VETERAN  ENTREPRENEUR,  WHICH  IS  SUBJECT  TO TAX UNDER ARTICLE
 NINE-A OR TWENTY-TWO OF THIS CHAPTER AND CREATES A NEW  BUSINESS,  SHALL
 BE  ALLOWED A CREDIT AGAINST SUCH TAX. THE CREDIT SHALL NOT BE MORE THAN
 FIVE HUNDRED DOLLARS.
   (B) DEFINITIONS. AS USED IN THIS SECTION, THE  FOLLOWING  TERMS  SHALL
 HAVE THE FOLLOWING MEANINGS:
   (1)  "COMBAT  VETERAN"  SHALL MEAN ANY INDIVIDUAL WHO IS A RESIDENT OF
 THIS STATE WHO HAS SERVED IN THE ARMED FORCES OF THE  UNITED  STATES  IN
 HOSTILITIES  THAT OCCURRED AFTER DECEMBER SIXTH, NINETEEN HUNDRED FORTY-
 FIVE, AS EVIDENCED BY THEIR RECEIPT OF  AN  ARMED  FORCES  EXPEDITIONARY
 MEDAL, NAVY EXPEDITIONARY MEDAL, OR MARINE CORPS EXPEDITIONARY MEDAL AND
 WHO WAS DISCHARGED UNDER HONORABLE CONDITIONS, INCLUDING BUT NOT LIMITED
 TO HONORABLE DISCHARGE, DISCHARGE UNDER HONORABLE CONDITIONS, OR GENERAL
 DISCHARGE.
   (2)  "ENTREPRENEUR" SHALL MEAN ANY PERSON WHO ORGANIZES AND OPERATES A
 BUSINESS OR BUSINESSES.
   (C) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT  PROVIDED  FOR  IN
 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 28.
   (2) ARTICLE 22: SECTION 606, SUBSECTION (A-3).
   §  2. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 28 to read as follows:

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

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