Assembly Bill A4253

2023-2024 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 Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A4253 (ACTIVE) - Details

See Senate Version of this Bill:
S6594
Current Committee:
Assembly Ways And Means
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
2021-2022: A6288, S5999

2023-A4253 (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.

2023-A4253 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4253
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 13, 2023
                                ___________
 
 Introduced  by  M. of A. HAWLEY, BARCLAY, DiPIETRO, BRABENEC, DeSTEFANO,
   MILLER, MANKTELOW, PALMESANO, DURSO, TANNOUSIS, SMULLEN, BYRNES, McDO-
   NOUGH, MIKULIN, GALLAHAN, TAGUE --  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 (bbb) to read as follows:
   (BBB) 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07009-01-3
              

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