senate Bill S5999

2021-2022 Legislative Session

Provides 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 vets

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 25, 2021 referred to budget and revenue

S5999 (ACTIVE) - Details

See Assembly Version of this Bill:
A6288
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4009
2011-2012: A1196
2013-2014: A328
2015-2016: A3785
2017-2018: A1783
2019-2020: A2174

S5999 (ACTIVE) - Summary

Provides 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.

S5999 (ACTIVE) - Sponsor Memo

S5999 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5999
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              March 25, 2021
                                ___________
 
 Introduced  by  Sen. RITCHIE -- 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 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
 FIRST, NINETEEN HUNDRED EIGHTY-THREE TO DECEMBER FIRST, NINETEEN HUNDRED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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