Bill Text: NY S05714 | 2021-2022 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO BUDGET AND REVENUE [S05714 Detail]

Download: New_York-2021-S05714-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5714

                               2021-2022 Regular Sessions

                    IN SENATE

                                     March 16, 2021
                                       ___________

        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 45 to read
     2  as follows:
     3    § 45.  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.
                                                                   LBD10026-01-1
        S. 5714                             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-five 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-five 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  (xlvi)  to  read  as
    31  follows:
    32  (xlvi) Combat veteran entrepreneur   Amount of credit under
    33  credit under subsection (a-3)        subdivision twenty-eight of
    34                                       section two hundred ten-B
    35    § 5. This act shall take effect immediately and shall apply to taxable
    36  years commencing on and after January 1, 2021.