Bill Text: NY S02546 | 2019-2020 | General Assembly | Amended

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Bill Title: Relates to combat veteran tax credit for entrepreneurs.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S02546 Detail]

Download: New_York-2019-S02546-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         2546--A
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 28, 2019
                                       ___________
        Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
          printed to be committed to the Committee  on  Budget  and  Revenue  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee
        AN ACT to amend the tax law, in relation to establishing a combat veter-
          an tax credit for entrepreneurs
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The tax law is amended by adding a new section 44 to read
     2  as follows:
     3    § 44.  Combat veteran entrepreneur credit. (a) Allowance of credit.  A
     4  combat  veteran  entrepreneur,  which  is  subject  to tax under article
     5  nine-A or twenty-two of this chapter and creates a new  business,  shall
     6  be  allowed a credit against such tax. The credit shall be equal to five
     7  hundred dollars.  The total amount of credit to  be  provided  statewide
     8  shall not exceed five million dollars in a taxable year.
     9    (b)  Definitions.  As  used in this section, the following terms shall
    10  have the following meanings:
    11    (1) "Combat veteran" shall mean any individual who is  a  resident  of
    12  this  state  who  has served in the armed forces of the United States in
    13  hostilities that occurred after December sixth, nineteen hundred  forty-
    14  five,  as  evidenced  by  their receipt of an Armed Forces Expeditionary
    15  Medal, Navy Expeditionary Medal, or Marine Corps Expeditionary Medal and
    16  who was discharged under honorable conditions, including but not limited
    17  to honorable discharge, discharge under honorable conditions, or general
    18  discharge.
    19    (2) "Entrepreneur" shall mean any person who organizes and operates  a
    20  business or businesses.
    21    (c)  Cross-references.  For  application of the credit provided for in
    22  this section, see the following provisions of this chapter:
    23    (1) article 9-A: section 210-B, subdivision 28.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06430-02-9
        S. 2546--A                          2
     1    (2) article 22: section 606, subsection (a-3).
     2    §  2. Section 210-B of the tax law is amended by adding a new subdivi-
     3  sion 28 to read as follows:
     4    28. Combat veteran entrepreneur credit. (a) Allowance of  credit.    A
     5  combat  veteran entrepreneur will be allowed a credit, to be computed as
     6  provided in section forty-four of this chapter, against the tax  imposed
     7  by this article.
     8    (b)  Application  of credit. The credit allowed under this subdivision
     9  for any taxable year may not reduce the tax due for such  year  to  less
    10  than  the  higher of the amounts prescribed in paragraph (d) of subdivi-
    11  sion one of section two hundred ten of this  article.  However,  if  the
    12  amount  of  credit  allowed  under this subdivision for any taxable year
    13  reduces the tax to such amount, any amount of credit thus not deductible
    14  in such taxable year will be treated as an  overpayment  of  tax  to  be
    15  credited  or  refunded  in accordance with the provisions of section one
    16  thousand eighty-six of this chapter. Provided, however,  the  provisions
    17  of  subsection  (c) of section one thousand eighty-eight of this chapter
    18  notwithstanding, no interest will be paid thereon.
    19    § 3. Section 606 of the tax law is amended by adding a new  subsection
    20  (a-3) to read as follows:
    21    (a-3)  Combat veteran entrepreneur credit. (1) A combat veteran entre-
    22  preneur will be allowed a credit, to the extent  allowed  under  section
    23  forty-four of this chapter, against the tax imposed by this article.
    24    (2)  Application  of credit. If the amount of the credit allowed under
    25  this subsection for any taxable year exceeds the taxpayer's tax for such
    26  year, the excess will be treated as an overpayment of tax to be credited
    27  or refunded in accordance with the provisions  of  section  six  hundred
    28  eighty-six  of this article, provided, however, that no interest will be
    29  paid thereon.
    30    § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
    31  of  the  tax  law  is  amended  by adding a new clause (xliv) to read as
    32  follows:
    33  (xliv) Combat veteran entrepreneur   Amount of credit under
    34  credit under subsection (a-3)        subdivision twenty-eight of
    35                                       section two hundred ten-B
    36    § 5. This act shall take effect immediately and shall apply to taxable
    37  years commencing on and after January 1, 2019.