Senate Bill S5714

2021-2022 Legislative Session

Relates to combat veteran tax credit for entrepreneurs

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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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2021-S5714 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Add §45, amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S6920
2019-2020: S2546
2023-2024: S2664

2021-S5714 (ACTIVE) - Summary

Relates to combat veteran tax credit for entrepreneurs.

2021-S5714 (ACTIVE) - Sponsor Memo

2021-S5714 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5714
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 16, 2021
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 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 45 to read
 as follows:
   § 45.  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 BE EQUAL TO FIVE
 HUNDRED DOLLARS.  THE TOTAL AMOUNT OF CREDIT TO  BE  PROVIDED  STATEWIDE
 SHALL NOT EXCEED FIVE MILLION DOLLARS IN A TAXABLE YEAR.
   (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).
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10026-01-1
              

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