Senate Bill S6851

2023-2024 Legislative Session

Establishes a small business tax credit for the employment of unemployed veterans

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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-S6851 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L

2023-S6851 (ACTIVE) - Summary

Establishes a five thousand dollar to twenty-five thousand dollar tax credit for the hiring and retaining of unemployed veterans for a minimum thirty-five hours per week, minimum one year employment period.

2023-S6851 (ACTIVE) - Sponsor Memo

2023-S6851 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6851
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 11, 2023
                                ___________
 
 Introduced  by  Sens.  PARKER, ADDABBO, BAILEY, COMRIE -- 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 small busi-
   ness tax credit for the employment of unemployed 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 60 to read as follows:
   60. SMALL BUSINESS TAX CREDIT; UNEMPLOYED VETERANS.   (A)  GENERAL.  A
 TAXPAYER WHO HAS ONE HUNDRED EMPLOYEES OR LESS, SHALL BE ALLOWED A CRED-
 IT,  TO  BE  COMPUTED  AS  PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX
 IMPOSED BY THIS ARTICLE FOR EACH UNEMPLOYED VETERAN HIRED DURING A TAXA-
 BLE YEAR, PROVIDED THAT SUCH UNEMPLOYED VETERAN IS EMPLOYED FOR  THIRTY-
 FIVE  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
 FIVE  THOUSAND DOLLARS PER HIRED UNEMPLOYED VETERAN BUT SHALL NOT EXCEED
 TWENTY-FIVE THOUSAND DOLLARS.
   (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 FIVE 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 TERM "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  EXPEDITION-
 ARY  MEDAL,  OR GLOBAL WAR ON TERRORISM EXPEDITIONARY MEDAL, AND WHO WAS
 DISCHARGED OR RELEASED THEREFROM UNDER HONORABLE CONDITIONS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07900-02-3
 S. 6851                             2
              

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