Bill Text: NY S05999 | 2021-2022 | General Assembly | Introduced

---

Bill Title: Provides a tax credit in the amount of certain fees charged in connection with loans under the federal home loan guarantee program to national guard and reserve veterans.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO BUDGET AND REVENUE [S05999 Detail]

Download: New_York-2021-S05999-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          5999

                               2021-2022 Regular Sessions

                    IN SENATE

                                     March 25, 2021
                                       ___________

        Introduced  by  Sen. RITCHIE -- 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 providing a  tax  credit  in
          the  amount of certain fees charged in connection with loans under the
          federal home loan guarantee program  to  national  guard  and  reserve
          veterans

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (kkk) to read as follows:
     3    (kkk)  Credit  for certain fees paid to the federal home loan mortgage
     4  corporation. 1.  An eligible taxpayer shall be allowed a credit  against
     5  the  tax imposed by this article which is equal to the three-quarters of
     6  one percent difference between fees charged to veterans of the  national
     7  guard  or  armed  forces  reserves and the same fees charged to eligible
     8  active duty veterans, under loan or loan guarantee programs administered
     9  or funded by  the  federal  home  loan  mortgage  corporation.  For  the
    10  purposes  of this section an eligible taxpayer shall be a veteran of the
    11  New York national guard or military reserve.
    12    2. For purposes of this subsection, "veteran" shall mean a person  who
    13  served  in the active military, naval, or air service during a period of
    14  war, or who was a recipient of the  armed  forces  expeditionary  medal,
    15  navy  expeditionary  medal,  marine corps expeditionary medal, or global
    16  war on terrorism expeditionary medal, and who was discharged or released
    17  therefrom under honorable conditions.
    18    3. For the purposes of this subsection, "service during time  of  war"
    19  shall mean:
    20    (i)  The  individual  in  question was a recipient of the armed forces
    21  expeditionary medal, the navy expeditionary medal or  the  marine  corps
    22  expeditionary medal for participation in operations in Lebanon from June
    23  first, nineteen hundred eighty-three to December first, nineteen hundred

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04859-01-1
        S. 5999                             2

     1  eighty-seven,  in  Grenada  from  October twenty-third, nineteen hundred
     2  eighty-three to November twenty-first, nineteen hundred eighty-three, or
     3  in Panama from December twentieth, nineteen hundred eighty-nine to Janu-
     4  ary thirty-first, nineteen hundred ninety; or
     5    (ii)  The  individual served on active duty for ninety days or more in
     6  the armed forces of the United States during any one  of  the  following
     7  wars or hostilities:
     8    (1)  in  the  Spanish-American war from the twenty-first day of April,
     9  eighteen hundred ninety-eight to the eleventh  day  of  April,  eighteen
    10  hundred ninety-nine, inclusive;
    11    (2) in the Philippine insurrection or the China relief expedition from
    12  the  eleventh  day  of April, eighteen hundred ninety-nine to the fourth
    13  day of July, nineteen hundred two, inclusive;
    14    (3) in the Mexican border campaign from the ninth day of May, nineteen
    15  hundred sixteen, to the fifth day of April, nineteen hundred  seventeen,
    16  inclusive;
    17    (4)  in  world  war  I  from  the sixth day of April, nineteen hundred
    18  seventeen to the eleventh day of November,  nineteen  hundred  eighteen,
    19  inclusive;
    20    (5) in world war II from the seventh day of December, nineteen hundred
    21  forty-one  to  the thirty-first day of December, nineteen hundred forty-
    22  six, inclusive;
    23    (6) in the Korean hostilities from the  twenty-seventh  day  of  June,
    24  nineteen  hundred  fifty  to  the  thirty-first day of January, nineteen
    25  hundred fifty-five, inclusive;
    26    (7) in the Vietnam conflict from the twenty-second  day  of  December,
    27  nineteen  hundred  sixty-one to the seventh day of May, nineteen hundred
    28  seventy-five;
    29    (8) in the Persian Gulf conflict from the second day of August,  nine-
    30  teen hundred ninety to the end of such conflict.
    31    § 2. This act shall take effect immediately and shall apply to taxable
    32  years beginning on and after January 1, 2023.