Bill Text: NY S02664 | 2023-2024 | General Assembly | Introduced

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Bill Title: Grants a combat veteran tax credit for entrepreneurs to provide a five hundred dollar tax credit to combat veteran entrepreneurs who create a business in New York state.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO BUDGET AND REVENUE [S02664 Detail]

Download: New_York-2023-S02664-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2664

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 24, 2023
                                       ___________

        Introduced  by  Sen.  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 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 48 to read
     2  as follows:
     3    § 48.  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.
    24    (2) article 22: section 606, subsection (a-3).

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04394-01-3
        S. 2664                             2

     1    § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
     2  sion 28 to read as follows:
     3    28.  Combat  veteran  entrepreneur credit. (a) Allowance of credit.  A
     4  combat veteran entrepreneur will be allowed a credit, to be computed  as
     5  provided in section forty-eight of this chapter, against the tax imposed
     6  by this article.
     7    (b)  Application  of credit. The credit allowed under this subdivision
     8  for any taxable year may not reduce the tax due for such  year  to  less
     9  than  the  higher of the amounts prescribed in paragraph (d) of subdivi-
    10  sion one of section two hundred ten of this  article.  However,  if  the
    11  amount  of  credit  allowed  under this subdivision for any taxable year
    12  reduces the tax to such amount, any amount of credit thus not deductible
    13  in such taxable year will be treated as an  overpayment  of  tax  to  be
    14  credited  or  refunded  in accordance with the provisions of section one
    15  thousand eighty-six of this chapter. Provided, however,  the  provisions
    16  of  subsection  (c) of section one thousand eighty-eight of this chapter
    17  notwithstanding, no interest will be paid thereon.
    18    § 3. Section 606 of the tax law is amended by adding a new  subsection
    19  (a-3) to read as follows:
    20    (a-3)  Combat veteran entrepreneur credit. (1) A combat veteran entre-
    21  preneur will be allowed a credit, to the extent  allowed  under  section
    22  forty-eight of this chapter, against the tax imposed by this article.
    23    (2)  Application  of credit. If the amount of the credit allowed under
    24  this subsection for any taxable year exceeds the taxpayer's tax for such
    25  year, the excess will be treated as an overpayment of tax to be credited
    26  or refunded in accordance with the provisions  of  section  six  hundred
    27  eighty-six  of this article, provided, however, that no interest will be
    28  paid thereon.
    29    § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
    30  of the tax law is amended by adding a new clause (l) to read as follows:
    31  (l) Combat veteran entrepreneur      Amount of credit under
    32  credit under subsection (a-3)        subdivision twenty-eight of
    33                                       section two hundred ten-B
    34    § 5. This act shall take effect immediately and shall apply to taxable
    35  years commencing on and after January 1, 2023.