senate Bill S647

2021-2022 Legislative Session

Establishes a returning veterans tax credit for businesses that hire veterans and disabled veterans

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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 (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 07, 2022 reported and committed to finance
Jan 05, 2022 referred to budget and revenue
Jan 06, 2021 referred to budget and revenue

Votes

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Mar 7, 2022 - Budget and Revenue committee Vote

S647
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Budget and Revenue committee vote details

Budget and Revenue Committee Vote: Mar 7, 2022

Co-Sponsors

S647 (ACTIVE) - Details

See Assembly Version of this Bill:
A5467
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S6024
2013-2014: S1707
2015-2016: S6523
2017-2018: S4643
2019-2020: S2230

S647 (ACTIVE) - Summary

Establishes a returning veterans tax credit for businesses that hire veterans and disabled veterans; provides that such tax credit is worth $3,000 per veteran hired or $4,000 for every disabled veteran hired and the total benefit shall not exceed $15,000 annually.

S647 (ACTIVE) - Sponsor Memo

S647 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    647
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- 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  returning
   veterans  tax  credit  for  businesses that hire veterans and disabled
   veterans

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.    Section 210-B of the tax law is amended by adding a new
 subdivision 55 to read as follows:
   55. RETURNING VETERANS TAX CREDIT. (A) GENERAL. A  TAXPAYER  SHALL  BE
 ALLOWED  A  CREDIT,  TO  BE  COMPUTED  AS  PROVIDED IN THIS SUBDIVISION,
 AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR  EACH  VETERAN  OR  DISABLED
 VETERAN HIRED DURING A TAXABLE YEAR, PROVIDED THAT:
   (I)  SUCH  VETERAN  IS  A NEW EMPLOYEE AND IS EMPLOYED FOR THIRTY-FIVE
 HOURS OR MORE PER WEEK AND REMAINS IN THE EMPLOY OF  SUCH  TAXPAYER  FOR
 TWELVE MONTHS OR MORE; OR
   (II)  SUCH  DISABLED  VETERAN  IS  A  NEW EMPLOYEE WHO IS EMPLOYED FOR
 SEVENTEEN AND ONE-HALF HOURS OR MORE PER WEEK AND REMAINS IN THE  EMPLOY
 OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   (B)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
 THREE THOUSAND DOLLARS PER HIRED VETERAN AND FOUR THOUSAND  DOLLARS  PER
 HIRED  DISABLED  VETERAN  BUT  SHALL NOT EXCEED FIFTEEN THOUSAND DOLLARS
 ANNUALLY.
   (C) CARRYOVERS. THE CREDIT  ALLOWED  UNDER  THIS  SUBDIVISION  MAY  BE
 CLAIMED  AND  IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT
 IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE TEN  SUCCEEDING
 TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
 TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   (D)  DEFINITIONS.  AS  USED  IN  THIS SUBDIVISION, THE FOLLOWING TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   (I) "NEW EMPLOYEE" SHALL MEAN ANY FULL TIME EMPLOYEE THAT  CAUSES  THE
 TOTAL  NUMBER  OF  EMPLOYEES TO INCREASE ABOVE BASE EMPLOYMENT OR CREDIT

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