Bill Text: NY S02664 | 2023-2024 | General Assembly | Introduced
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
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. LBD04394-01-3S. 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.
