Bill Text: NY S04708 | 2019-2020 | General Assembly | Introduced
Bill Title: Establishes a small business tax credit for the employment of unemployed veterans.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S04708 Detail]
Download: New_York-2019-S04708-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4708 2019-2020 Regular Sessions IN SENATE March 21, 2019 ___________ 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: 1 Section 1. Section 210-B of the tax law is amended by adding a new 2 subdivision 53 to read as follows: 3 53. Small business tax credit; unemployed veterans. (a) General. A 4 taxpayer who has one hundred employees or less, shall be allowed a cred- 5 it, to be computed as provided in this subdivision, against the tax 6 imposed by this article for each unemployed veteran hired during a taxa- 7 ble year, provided that such unemployed veteran is employed for thirty- 8 five hours or more per week and remains in the employ of such taxpayer 9 for twelve months or more. 10 (b) Amount of credit. A credit authorized by this section shall equal 11 five thousand dollars per hired unemployed veteran but shall not exceed 12 twenty-five thousand dollars. 13 (c) Carryovers. The credit allowed under this subdivision may be 14 claimed and if not fully used in the initial year for which the credit 15 is claimed may be carried over, in order, to each of the five succeeding 16 taxable years. The credit authorized by this subdivision may not be used 17 to reduce the tax liability of the credit claimant below zero. 18 (d) Definitions. As used in this subdivision, the term "veteran" shall 19 mean a person who served in the active military, naval, or air service 20 during a period of war, or who was a recipient of the armed forces 21 expeditionary medal, navy expeditionary medal, marine corps expedition- 22 ary medal, or global war on terrorism expeditionary medal, and who was 23 discharged or released therefrom under honorable conditions. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09530-01-9S. 4708 2 1 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 2 of the tax law is amended by adding a new clause (xliv) to read as 3 follows: 4 (xliv) Small business tax credit; Costs under subdivision 5 unemployed veteran fifty-three of section 6 under subsection (jjj) two hundred ten-b 7 § 3. Section 606 of the tax law is amended by adding a new subsection 8 (jjj) to read as follows: 9 (jjj) Small business tax credit; unemployed veterans. (1) General. A 10 taxpayer who has one hundred employees or less, shall be allowed a cred- 11 it, to be computed as provided in this subsection, against the tax 12 imposed by this article for each unemployed veteran hired during a taxa- 13 ble year, provided that such unemployed veteran is employed for thirty- 14 five hours or more per week and remains in the employ of such taxpayer 15 for twelve months or more. 16 (2) Amount of credit. A credit authorized by this section shall equal 17 five thousand dollars per hired unemployed veteran but shall not exceed 18 twenty-five thousand dollars. 19 (3) Carryovers. The credit allowed under this subsection may be 20 claimed and if not fully used in the initial year for which the credit 21 is claimed may be carried over, in order, to each of the five succeeding 22 taxable years. The credit authorized by this subsection may not be used 23 to reduce the tax liability of the credit claimant below zero. 24 (4) Definitions. As used in this subsection, the term "veteran" shall 25 mean a person who served in the active military, naval, or air service 26 during a period of war, or who was a recipient of the armed forces 27 expeditionary medal, navy expeditionary medal, marine corps expedition- 28 ary medal, or global war on terrorism expeditionary medal, and who was 29 discharged or released therefrom under honorable conditions. 30 § 4. This act shall take effect immediately and shall apply to taxable 31 years beginning on or after January 1, 2019.