Bill Text: NY S06024 | 2011-2012 | General Assembly | Amended
Bill Title: Establishes a returning veterans tax credit for businesses that hire veterans and wounded veterans; such tax credit is worth $3,000 per veteran hired or $4,000 for every wounded veteran hired and the total benefit shall not exceed $15,000 annually.
Spectrum: Partisan Bill (Republican 10-0)
Status: (Engrossed - Dead) 2012-06-19 - referred to ways and means [S06024 Detail]
Download: New_York-2011-S06024-Amended.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6024--C I N S E N A T E (PREFILED) January 4, 2012 ___________ Introduced by Sens. GRISANTI, ALESI, BALL, DeFRANCISCO, GOLDEN, JOHNSON, LARKIN, RANZENHOFER -- read twice and ordered printed, and when print- ed to be committed to the Committee on Veterans, Homeland Security and Military Affairs -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- reported favorably from said committee and committed to the Committee on Finance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to establishing a returning veterans tax credit for businesses that hire veterans THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Section 210 of the tax law is amended by adding a new 2 subdivision 45 to read as follows: 3 45. RETURNING VETERANS TAX CREDIT. (A) GENERAL. A TAXPAYER SHALL BE 4 ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBDIVISION, 5 AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR EACH VETERAN OR WOUNDED 6 VETERAN HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH: 7 (I) VETERAN IS A NEW EMPLOYEE AND IS EMPLOYED FOR THIRTY-FIVE HOURS OR 8 MORE PER WEEK AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE 9 MONTHS OR MORE. 10 (II) WOUNDED VETERAN IS A NEW EMPLOYEE AND IS EMPLOYED FOR SEVENTEEN 11 AND ONE-HALF HOURS OR MORE PER WEEK AND REMAINS IN THE EMPLOY OF SUCH 12 TAXPAYER FOR TWELVE MONTHS OR MORE. 13 (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL 14 THREE THOUSAND DOLLARS PER HIRED VETERAN AND FOUR THOUSAND DOLLARS PER 15 HIRED WOUNDED VETERAN BUT SHALL NOT EXCEED FIFTEEN THOUSAND DOLLARS 16 ANNUALLY. 17 (C) CARRYOVERS. THE CREDIT ALLOWED UNDER THIS SUBDIVISION MAY BE 18 CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT 19 IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE TEN SUCCEEDING EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13511-08-2 S. 6024--C 2 1 TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED 2 TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO. 3 (D) DEFINITIONS. AS USED IN THIS SUBDIVISION, THE FOLLOWING TERMS 4 SHALL HAVE THE FOLLOWING MEANINGS: 5 (I) "NEW EMPLOYEE" SHALL MEAN ANY FULL TIME EMPLOYEE THAT CAUSES THE 6 TOTAL NUMBER OF EMPLOYEES TO INCREASE ABOVE BASE EMPLOYMENT OR CREDIT 7 EMPLOYMENT, WHICHEVER IS HIGHER. 8 (II) "BASE YEAR" SHALL MEAN CALENDAR YEAR TWO THOUSAND ELEVEN. 9 (III) "BASE EMPLOYMENT" SHALL MEAN THE AVERAGE NUMBER OF FULL TIME 10 EMPLOYEES OR FULL TIME EQUIVALENT EMPLOYEES DURING THE BASE YEAR. FOR A 11 NEW BUSINESS, BASE EMPLOYMENT SHALL BEGIN AT ZERO. 12 (IV) "CREDIT EMPLOYMENT" SHALL MEAN BASE EMPLOYMENT PLUS THE NUMBER OF 13 NEW EMPLOYEES FOR WHICH A CREDIT IS EARNED FOR THE PRIOR TAX YEARS. 14 (V) "VETERAN" SHALL MEAN A VETERAN, AS DEFINED IN SECTION ONE HUNDRED 15 ONE OF TITLE THIRTY-EIGHT OF THE UNITED STATES CODE, WHO SERVED EITHER 16 DURING A PERIOD OF WAR OR IN AN AREA DESIGNATED BY THE PRESIDENT OF THE 17 UNITED STATES BY EXECUTIVE ORDER AS A "COMBAT ZONE" AT ANY TIME DURING 18 THE PERIOD DESIGNATED BY THE PRESIDENT BY EXECUTIVE ORDER AS THE PERIOD 19 OF COMBATANT ACTIVITIES IN SUCH ZONE. 20 (VI) "WOUNDED VETERAN" SHALL MEAN A VETERAN, AS DEFINED PURSUANT TO 21 SUBPARAGRAPH (V) OF THIS PARAGRAPH, WHO SUSTAINED A SERVICE-CONNECTED 22 DISABILITY AS CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION OR THE 23 UNITED STATES DEPARTMENT OF DEFENSE. FOR PURPOSES OF THIS SUBDIVISION, 24 THE TERM SERVICE-CONNECTED SHALL HAVE THE SAME MEANING AS IN SECTION ONE 25 HUNDRED ONE OF THE UNITED STATES CODE. 26 S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 27 of the tax law is amended by adding a new clause (xxxiv) to read as 28 follows: 29 (XXXIV) RETURNING VETERAN TAX COSTS UNDER SUBDIVISION 30 CREDIT; SUBSECTION (UU) FORTY-FIVE OF SECTION 31 TWO HUNDRED TEN 32 S 3. Section 606 of the tax law is amended by adding a new subsection 33 (uu) to read as follows: 34 (UU) RETURNING VETERANS TAX CREDIT. (1) GENERAL. A TAXPAYER SHALL BE 35 ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST 36 THE TAX IMPOSED BY THIS ARTICLE FOR EACH VETERAN OR WOUNDED VETERAN 37 HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH: 38 (I) VETERAN IS A NEW EMPLOYEE AND IS EMPLOYED FOR THIRTY-FIVE HOURS OR 39 MORE PER WEEK AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE 40 MONTHS OR MORE. 41 (II) WOUNDED VETERAN IS A NEW EMPLOYEE AND IS EMPLOYED FOR SEVENTEEN 42 AND ONE-HALF HOURS OR MORE PER WEEK AND REMAINS IN THE EMPLOY OF SUCH 43 TAXPAYER FOR TWELVE MONTHS OR MORE. 44 (2) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL 45 THREE THOUSAND DOLLARS PER HIRED VETERAN AND FOUR THOUSAND DOLLARS PER 46 HIRED WOUNDED VETERAN BUT SHALL NOT EXCEED FIFTEEN THOUSAND DOLLARS 47 ANNUALLY. 48 (3) CARRYOVERS. THE CREDIT ALLOWED UNDER THIS SUBSECTION MAY BE 49 CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT 50 IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE TEN SUCCEEDING 51 TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED 52 TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO. 53 (4) DEFINITIONS. AS USED IN THIS SUBSECTION, THE FOLLOWING TERMS SHALL 54 HAVE THE FOLLOWING MEANINGS: S. 6024--C 3 1 (I) "NEW EMPLOYEE" SHALL MEAN ANY FULL TIME EMPLOYEE THAT CAUSES THE 2 TOTAL NUMBER OF EMPLOYEES TO INCREASE ABOVE BASE EMPLOYMENT OR CREDIT 3 EMPLOYMENT, WHICHEVER IS HIGHER. 4 (II) "BASE YEAR" SHALL MEAN CALENDAR YEAR TWO THOUSAND ELEVEN. 5 (III) "BASE EMPLOYMENT" SHALL MEAN THE AVERAGE NUMBER OF FULL TIME 6 EMPLOYEES OR FULL TIME EQUIVALENT EMPLOYEES DURING THE BASE YEAR. FOR A 7 NEW BUSINESS, BASE EMPLOYMENT SHALL BEGIN AT ZERO. 8 (IV) "CREDIT EMPLOYMENT" SHALL MEAN BASE EMPLOYMENT PLUS THE NUMBER OF 9 NEW EMPLOYEES FOR WHICH A CREDIT IS EARNED FOR THE PRIOR TAX YEARS. 10 (V) "VETERAN" SHALL MEAN A VETERAN, AS DEFINED IN SECTION ONE HUNDRED 11 ONE OF TITLE THIRTY-EIGHT OF THE UNITED STATES CODE, WHO SERVED EITHER 12 DURING A PERIOD OF WAR OR IN AN AREA DESIGNATED BY THE PRESIDENT OF THE 13 UNITED STATES BY EXECUTIVE ORDER AS A "COMBAT ZONE" AT ANY TIME DURING 14 THE PERIOD DESIGNATED BY THE PRESIDENT BY EXECUTIVE ORDER AS THE PERIOD 15 OF COMBATANT ACTIVITIES IN SUCH ZONE. 16 (VI) "WOUNDED VETERAN" SHALL MEAN A VETERAN, AS DEFINED PURSUANT TO 17 SUBPARAGRAPH (V) OF THIS PARAGRAPH, WHO SUSTAINED A SERVICE-CONNECTED 18 DISABILITY AS CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION OR THE 19 UNITED STATES DEPARTMENT OF DEFENSE. FOR PURPOSES OF THIS SUBSECTION, 20 THE TERM SERVICE-CONNECTED SHALL HAVE THE SAME MEANING AS IN SECTION ONE 21 HUNDRED ONE OF THE UNITED STATES CODE. 22 S 4. This act shall take effect immediately and shall apply to taxable 23 years beginning on or after January 1, 2012 and shall apply to those 24 employees hired after this act shall take effect.