Assembly Bill A2494

2019-2020 Legislative Session

Relates to combat veteran tax credit for entrepreneurs

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2019-A2494 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §44, amd §§210-B & 606, Tax L
Versions Introduced in 2017-2018 Legislative Session:
A10581

2019-A2494 (ACTIVE) - Summary

Relates to combat veteran tax credit for entrepreneurs.

2019-A2494 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2494
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2019
                                ___________
 
 Introduced by M. of A. PICHARDO -- read once and referred to the Commit-
   tee on Ways and Means
 
 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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