Bill Text: NY S06024 | 2011-2012 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

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-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6024
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 4, 2012
                                      ___________
       Introduced  by Sen. GRISANTI -- read twice and ordered printed, and when
         printed to be committed to the Committee on Veterans, Homeland Securi-
         ty and Military Affairs
       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 44 to read as follows:
    3    44.  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  VETERAN  OR
    7  WOUNDED  VETERAN  IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK AND
    8  REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
    9    (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
   10  THREE  THOUSAND  DOLLARS PER HIRED VETERAN AND FOUR THOUSAND DOLLARS PER
   11  HIRED WOUNDED VETERAN BUT SHALL NOT EXCEED FIFTEEN THOUSAND DOLLARS.
   12    (C) CARRYOVERS. THE CREDIT  ALLOWED  UNDER  THIS  SUBDIVISION  MAY  BE
   13  CLAIMED  AND  IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT
   14  IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
   15  TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
   16  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   17    (D) DEFINITIONS. AS USED IN  THIS  SUBDIVISION,  THE  FOLLOWING  TERMS
   18  SHALL HAVE THE FOLLOWING MEANINGS:
   19    (I)  "VETERAN"  SHALL MEAN A PERSON WHO SERVED IN THE ACTIVE MILITARY,
   20  NAVAL, OR AIR SERVICE DURING A PERIOD OF WAR, OR WHO WAS A RECIPIENT  OF
   21  THE  ARMED  FORCES EXPEDITIONARY MEDAL, NAVY EXPEDITIONARY MEDAL, MARINE
   22  CORPS EXPEDITIONARY MEDAL, OR  GLOBAL  WAR  ON  TERRORISM  EXPEDITIONARY
   23  MEDAL,  AND  WHO  WAS  DISCHARGED  OR RELEASED THEREFROM UNDER HONORABLE
   24  CONDITIONS.
   25    (II) "WOUNDED VETERAN" SHALL MEAN A VETERAN, AS  DEFINED  PURSUANT  TO
   26  SUBPARAGRAPH  (I)  OF  THIS PARAGRAPH, WHO SUSTAINED A SERVICE CONNECTED
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13511-01-1
       S. 6024                             2
    1  DISABILITY AS CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION  OR  THE
    2  UNITED  STATES DEPARTMENT OF DEFENSE, WHERE SUCH DISABILITY WAS INCURRED
    3  IN THE LINE OF DUTY IN THE ACTIVE MILITARY, NAVAL OR AIR SERVICE.
    4    S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    5  of the tax law is amended by adding a new clause  (xxxiii)  to  read  as
    6  follows:
    7  (XXXIII) RETURNING VETERAN TAX       COSTS UNDER SUBDIVISION
    8  CREDIT; SUBSECTION (TT)              FORTY-FOUR OF SECTION
    9                                       TWO HUNDRED TEN
   10    S  3. Section 606 of the tax law is amended by adding a new subsection
   11  (tt) to read as follows:
   12    (TT) RETURNING VETERANS TAX CREDIT. (1) GENERAL. A TAXPAYER  SHALL  BE
   13  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
   14  THE  TAX  IMPOSED  BY  THIS  ARTICLE FOR EACH VETERAN OR WOUNDED VETERAN
   15  HIRED DURING A TAXABLE YEAR,  PROVIDED  THAT  SUCH  VETERAN  OR  WOUNDED
   16  VETERAN  IS  EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK AND REMAINS
   17  IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   18    (2) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
   19  THREE  THOUSAND  DOLLARS PER HIRED VETERAN AND FOUR THOUSAND DOLLARS PER
   20  HIRED WOUNDED VETERAN BUT SHALL NOT EXCEED FIFTEEN THOUSAND DOLLARS.
   21    (3) CARRYOVERS. THE  CREDIT  ALLOWED  UNDER  THIS  SUBSECTION  MAY  BE
   22  CLAIMED  AND  IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT
   23  IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
   24  TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE  USED
   25  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   26    (4) DEFINITIONS. AS USED IN THIS SUBSECTION, THE FOLLOWING TERMS SHALL
   27  HAVE THE FOLLOWING MEANINGS:
   28    (I)  "VETERAN"  SHALL MEAN A PERSON WHO SERVED IN THE ACTIVE MILITARY,
   29  NAVAL, OR AIR SERVICE DURING A PERIOD OF WAR, OR WHO WAS A RECIPIENT  OF
   30  THE  ARMED  FORCES EXPEDITIONARY MEDAL, NAVY EXPEDITIONARY MEDAL, MARINE
   31  CORPS EXPEDITIONARY MEDAL, OR  GLOBAL  WAR  ON  TERRORISM  EXPEDITIONARY
   32  MEDAL,  AND  WHO  WAS  DISCHARGED  OR RELEASED THEREFROM UNDER HONORABLE
   33  CONDITIONS.
   34    (II) "WOUNDED VETERAN" SHALL MEAN A VETERAN, AS  DEFINED  PURSUANT  TO
   35  SUBPARAGRAPH  (I)  OF  THIS PARAGRAPH, WHO SUSTAINED A SERVICE CONNECTED
   36  DISABILITY AS CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION  OR  THE
   37  UNITED  STATES DEPARTMENT OF DEFENSE, WHERE SUCH DISABILITY WAS INCURRED
   38  IN THE LINE OF DUTY IN THE ACTIVE MILITARY, NAVAL OR AIR SERVICE.
   39    S 4. This act shall take effect immediately and shall apply to taxable
   40  years beginning on or after January 1, 2012.