The New York State Senate

 
                     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.

                                                            LBD04859-01-1

 S. 5999                             2
 
 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.