Bill Text: NY S02724 | 2011-2012 | General Assembly | Introduced

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Bill Title: Establishes the veterans of foreign wars service officers fund and provides for gifts made to such fund on an individual's personal income tax return.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2012-01-09 - PRINT NUMBER 2724A [S02724 Detail]

Download: New_York-2011-S02724-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2724
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   January 31, 2011
                                      ___________
       Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law and the state finance law,  in  relation  to
         gifts for the support of the veterans of foreign wars service officers
         fund
         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  630-c  to
    2  read as follows:
    3    S  630-C.  GIFT TO THE VETERANS OF FOREIGN WARS SERVICE OFFICERS FUND.
    4  EFFECTIVE FOR ANY TAX YEAR COMMENCING ON OR  AFTER  JANUARY  FIRST,  TWO
    5  THOUSAND  ELEVEN,  AN INDIVIDUAL MAY ELECT TO CONTRIBUTE TO THE VETERANS
    6  OF FOREIGN WARS SERVICE OFFICERS FUND CREATED PURSUANT TO SECTION  NINE-
    7  TY-SEVEN-KKKK  OF  THE STATE FINANCE LAW FOR THE SUPPORT OF THE VETERANS
    8  OF FOREIGN WARS SERVICE OFFICERS, WHO HELP ASSIST  VETERANS  IN  GAINING
    9  ACCESS  TO DEPARTMENT OF VETERANS AFFAIRS BENEFITS THEY ARE ENTITLED TO.
   10  SUCH CONTRIBUTION SHALL BE IN ANY WHOLE  DOLLAR  AMOUNT  AND  SHALL  NOT
   11  REDUCE THE AMOUNT OF TAX OWED BY SUCH INDIVIDUAL. THE COMMISSIONER SHALL
   12  INCLUDE  SPACE ON THE PERSONAL INCOME TAX RETURN TO ENABLE A TAXPAYER TO
   13  MAKE SUCH CONTRIBUTION. NOTWITHSTANDING ANY OTHER PROVISION OF LAW,  ALL
   14  REVENUE COLLECTED PURSUANT TO THIS SECTION SHALL BE CREDITED TO THE FUND
   15  AND  USED  ONLY FOR THE PURPOSES OF THE VETERANS OF FOREIGN WARS SERVICE
   16  OFFICERS.
   17    S 2. The state finance law is amended by adding a new section  97-kkkk
   18  to read as follows:
   19    S  97-KKKK.  VETERANS OF FOREIGN WARS SERVICE OFFICERS FUND.  1. THERE
   20  IS HEREBY CREATED IN THE JOINT CUSTODY OF THE STATE COMPTROLLER AND  THE
   21  COMMISSIONER OF TAXATION AND FINANCE A FUND TO BE KNOWN AS THE "VETERANS
   22  OF FOREIGN WARS SERVICE OFFICERS FUND".
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04737-01-1
       S. 2724                             2
    1    2.  SUCH FUND SHALL CONSIST OF ALL REVENUES RECEIVED BY THE DEPARTMENT
    2  OF TAXATION AND FINANCE, PURSUANT  TO  THE  PROVISIONS  OF  SECTION  SIX
    3  HUNDRED THIRTY-C OF THE TAX LAW AND ALL OTHER MONEYS APPROPRIATED, CRED-
    4  ITED,  OR  TRANSFERRED THERETO FROM ANY OTHER FUND OR SOURCE PURSUANT TO
    5  LAW. FOR EACH STATE FISCAL YEAR, THERE SHALL BE APPROPRIATED TO THE FUND
    6  BY  THE  STATE, IN ADDITION TO ALL OTHER MONEYS REQUIRED TO BE DEPOSITED
    7  INTO SUCH FUND, AS AMOUNT EQUAL TO THE AMOUNTS OF MONEYS  COLLECTED  AND
    8  DEPOSITED  INTO THE FUND PURSUANT TO SECTION SIX HUNDRED THIRTY-C OF THE
    9  TAX LAW DURING THE PRECEDING CALENDAR YEAR, AS CERTIFIED  BY  THE  COMP-
   10  TROLLER. NOTHING CONTAINED HEREIN SHALL PREVENT THE STATE FROM RECEIVING
   11  GRANTS,  GIFTS  OR  BEQUESTS  FOR THE PURPOSES OF THE FUND AS DEFINED IN
   12  THIS SECTION AND DEPOSITING THEM INTO THE FUND ACCORDING TO LAW.
   13    3. MONEYS OF THE FUND MAY BE INVESTED BY THE  STATE  COMPTROLLER,  AND
   14  INCOME FROM THE INVESTMENTS OF MONEYS DEPOSITED TO THIS FUND PURSUANT TO
   15  SECTION  SIX HUNDRED THIRTY-C OF THE TAX LAW SHALL BE CREDITED SOLELY TO
   16  THIS FUND.
   17    S 3. This act shall take effect immediately.