|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 25, 2021||referred to budget and revenue|
senate Bill S5999
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5999 (ACTIVE) - Details
S5999 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5999 SPONSOR: RITCHIE TITLE OF BILL: 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 veter- ans PURPOSE OR GENERAL IDEA OF BILL: Expand federal home loan guarantee for VA qualified NYS National Guard and Reserve veterans by providing a NYS tax credit for the extra differ- ence in funding fee charges between VA active duty veterans and eligible guard and reserve veterans. SUMMARY OF SPECIFIC PROVISIONS: Section 1- A veteran of the New York National Guard of military reserve will be allowed a tax credit which is equal to three quarters of one
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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