S T A T E O F N E W Y O R K
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6288
2021-2022 Regular Sessions
I N A S S E M B L Y
March 12, 2021
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Introduced by M. of A. HAWLEY, BARCLAY, DiPIETRO, BRABENEC, ASHBY,
DeSTEFANO, SALKA, B. MILLER, MANKTELOW, PALMESANO -- read once and
referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing a tax credit in
the amount of certain fees charged in connection with loans under the
federal home loan guarantee program to national guard and reserve
veterans
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 606 of the tax law is amended by adding a new
subsection (kkk) to read as follows:
(KKK) CREDIT FOR CERTAIN FEES PAID TO THE FEDERAL HOME LOAN MORTGAGE
CORPORATION. 1. AN ELIGIBLE TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST
THE TAX IMPOSED BY THIS ARTICLE WHICH IS EQUAL TO THE THREE-QUARTERS OF
ONE PERCENT DIFFERENCE BETWEEN FEES CHARGED TO VETERANS OF THE NATIONAL
GUARD OR ARMED FORCES RESERVES AND THE SAME FEES CHARGED TO ELIGIBLE
ACTIVE DUTY VETERANS, UNDER LOAN OR LOAN GUARANTEE PROGRAMS ADMINISTERED
OR FUNDED BY THE FEDERAL HOME LOAN MORTGAGE CORPORATION. FOR THE
PURPOSES OF THIS SECTION AN ELIGIBLE TAXPAYER SHALL BE A VETERAN OF THE
NEW YORK NATIONAL GUARD OR MILITARY RESERVE.
2. FOR PURPOSES OF THIS SUBSECTION, "VETERAN" SHALL MEAN A PERSON WHO
SERVED IN THE ACTIVE MILITARY, NAVAL, OR AIR SERVICE DURING A PERIOD OF
WAR, OR WHO WAS A RECIPIENT OF THE ARMED FORCES EXPEDITIONARY MEDAL,
NAVY EXPEDITIONARY MEDAL, MARINE CORPS EXPEDITIONARY MEDAL, OR GLOBAL
WAR ON TERRORISM EXPEDITIONARY MEDAL, AND WHO WAS DISCHARGED OR RELEASED
THEREFROM UNDER HONORABLE CONDITIONS.
3. FOR THE PURPOSES OF THIS SUBSECTION, "SERVICE DURING TIME OF WAR"
SHALL MEAN:
(I) THE INDIVIDUAL IN QUESTION WAS A RECIPIENT OF THE ARMED FORCES
EXPEDITIONARY MEDAL, THE NAVY EXPEDITIONARY MEDAL OR THE MARINE CORPS
EXPEDITIONARY MEDAL FOR PARTICIPATION IN OPERATIONS IN LEBANON FROM JUNE
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04859-01-1
A. 6288 2
FIRST, NINETEEN HUNDRED EIGHTY-THREE TO DECEMBER FIRST, NINETEEN HUNDRED
EIGHTY-SEVEN, IN GRENADA FROM OCTOBER TWENTY-THIRD, NINETEEN HUNDRED
EIGHTY-THREE TO NOVEMBER TWENTY-FIRST, NINETEEN HUNDRED EIGHTY-THREE, OR
IN PANAMA FROM DECEMBER TWENTIETH, NINETEEN HUNDRED EIGHTY-NINE TO JANU-
ARY THIRTY-FIRST, NINETEEN HUNDRED NINETY; OR
(II) THE INDIVIDUAL SERVED ON ACTIVE DUTY FOR NINETY DAYS OR MORE IN
THE ARMED FORCES OF THE UNITED STATES DURING ANY ONE OF THE FOLLOWING
WARS OR HOSTILITIES:
(1) IN THE SPANISH-AMERICAN WAR FROM THE TWENTY-FIRST DAY OF APRIL,
EIGHTEEN HUNDRED NINETY-EIGHT TO THE ELEVENTH DAY OF APRIL, EIGHTEEN
HUNDRED NINETY-NINE, INCLUSIVE;
(2) IN THE PHILIPPINE INSURRECTION OR THE CHINA RELIEF EXPEDITION FROM
THE ELEVENTH DAY OF APRIL, EIGHTEEN HUNDRED NINETY-NINE TO THE FOURTH
DAY OF JULY, NINETEEN HUNDRED TWO, INCLUSIVE;
(3) IN THE MEXICAN BORDER CAMPAIGN FROM THE NINTH DAY OF MAY, NINETEEN
HUNDRED SIXTEEN, TO THE FIFTH DAY OF APRIL, NINETEEN HUNDRED SEVENTEEN,
INCLUSIVE;
(4) IN WORLD WAR I FROM THE SIXTH DAY OF APRIL, NINETEEN HUNDRED
SEVENTEEN TO THE ELEVENTH DAY OF NOVEMBER, NINETEEN HUNDRED EIGHTEEN,
INCLUSIVE;
(5) IN WORLD WAR II FROM THE SEVENTH DAY OF DECEMBER, NINETEEN HUNDRED
FORTY-ONE TO THE THIRTY-FIRST DAY OF DECEMBER, NINETEEN HUNDRED FORTY-
SIX, INCLUSIVE;
(6) IN THE KOREAN HOSTILITIES FROM THE TWENTY-SEVENTH DAY OF JUNE,
NINETEEN HUNDRED FIFTY TO THE THIRTY-FIRST DAY OF JANUARY, NINETEEN
HUNDRED FIFTY-FIVE, INCLUSIVE;
(7) IN THE VIETNAM CONFLICT FROM THE TWENTY-SECOND DAY OF DECEMBER,
NINETEEN HUNDRED SIXTY-ONE TO THE SEVENTH DAY OF MAY, NINETEEN HUNDRED
SEVENTY-FIVE;
(8) IN THE PERSIAN GULF CONFLICT FROM THE SECOND DAY OF AUGUST, NINE-
TEEN HUNDRED NINETY TO THE END OF SUCH CONFLICT.
§ 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2023.