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

New York Senate Bill 6024 (Prior Session Legislation)

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-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        6024--A
                                   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 -- 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 EMPLOYED FOR THIRTY-FIVE HOURS OR  MORE  PER  WEEK  AND
    8  REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
    9    (II)  WOUNDED  VETERAN IS EMPLOYED FOR SEVENTEEN AND ONE-HALF HOURS OR
   10  MORE PER WEEK AND REMAINS IN THE EMPLOY  OF  SUCH  TAXPAYER  FOR  TWELVE
   11  MONTHS OR MORE.
   12    (B)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
   13  THREE THOUSAND DOLLARS PER HIRED VETERAN AND FOUR THOUSAND  DOLLARS  PER
   14  HIRED WOUNDED VETERAN BUT SHALL NOT EXCEED FIFTEEN THOUSAND DOLLARS.
   15    (C)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER  THIS SUBDIVISION MAY BE
   16  CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH  THE  CREDIT
   17  IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
   18  TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
   19  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   20    (D)  DEFINITIONS.  AS  USED  IN  THIS SUBDIVISION, THE FOLLOWING TERMS
   21  SHALL HAVE THE FOLLOWING MEANINGS:
   22    (I) "VETERAN" SHALL MEAN A PERSON WHO SERVED IN THE  ACTIVE  MILITARY,
   23  NAVAL,  OR AIR SERVICE DURING A PERIOD OF WAR, OR WHO WAS A RECIPIENT OF
   24  THE ARMED FORCES EXPEDITIONARY MEDAL, NAVY EXPEDITIONARY  MEDAL,  MARINE
   25  CORPS  EXPEDITIONARY  MEDAL,  OR  GLOBAL  WAR ON TERRORISM EXPEDITIONARY
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13511-04-2
       S. 6024--A                          2
    1  MEDAL, AND WHO WAS DISCHARGED  OR  RELEASED  THEREFROM  UNDER  HONORABLE
    2  CONDITIONS.
    3    (II)  "WOUNDED  VETERAN"  SHALL MEAN A VETERAN, AS DEFINED PURSUANT TO
    4  SUBPARAGRAPH (I) OF THIS PARAGRAPH, WHO SUSTAINED  A  SERVICE  CONNECTED
    5  DISABILITY  AS  CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION OR THE
    6  UNITED STATES DEPARTMENT OF DEFENSE, WHERE SUCH DISABILITY WAS  INCURRED
    7  IN THE LINE OF DUTY IN THE ACTIVE MILITARY, NAVAL OR AIR SERVICE.
    8    S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    9  of the tax law is amended by adding a new  clause  (xxxiv)  to  read  as
   10  follows:
   11  (XXXIV) RETURNING VETERAN TAX        COSTS UNDER SUBDIVISION
   12  CREDIT; SUBSECTION (UU)              FORTY-FIVE OF SECTION
   13                                       TWO HUNDRED TEN
   14    S  3. Section 606 of the tax law is amended by adding a new subsection
   15  (uu) to read as follows:
   16    (UU) RETURNING VETERANS TAX CREDIT. (1) GENERAL. A TAXPAYER  SHALL  BE
   17  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
   18  THE  TAX  IMPOSED  BY  THIS  ARTICLE FOR EACH VETERAN OR WOUNDED VETERAN
   19  HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH:
   20    (I) VETERAN IS EMPLOYED FOR THIRTY-FIVE HOURS OR  MORE  PER  WEEK  AND
   21  REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   22    (II)  WOUNDED  VETERAN IS EMPLOYED FOR SEVENTEEN AND ONE-HALF HOURS OR
   23  MORE PER WEEK AND REMAINS IN THE EMPLOY  OF  SUCH  TAXPAYER  FOR  TWELVE
   24  MONTHS OR MORE.
   25    (2)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
   26  THREE THOUSAND DOLLARS PER HIRED VETERAN AND FOUR THOUSAND  DOLLARS  PER
   27  HIRED WOUNDED VETERAN BUT SHALL NOT EXCEED FIFTEEN THOUSAND DOLLARS.
   28    (3)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER  THIS  SUBSECTION MAY BE
   29  CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH  THE  CREDIT
   30  IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
   31  TAXABLE  YEARS. THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED
   32  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   33    (4) DEFINITIONS. AS USED IN THIS SUBSECTION, THE FOLLOWING TERMS SHALL
   34  HAVE THE FOLLOWING MEANINGS:
   35    (I) "VETERAN" SHALL MEAN A PERSON WHO SERVED IN THE  ACTIVE  MILITARY,
   36  NAVAL,  OR AIR SERVICE DURING A PERIOD OF WAR, OR WHO WAS A RECIPIENT OF
   37  THE ARMED FORCES EXPEDITIONARY MEDAL, NAVY EXPEDITIONARY  MEDAL,  MARINE
   38  CORPS  EXPEDITIONARY  MEDAL,  OR  GLOBAL  WAR ON TERRORISM EXPEDITIONARY
   39  MEDAL, AND WHO WAS DISCHARGED  OR  RELEASED  THEREFROM  UNDER  HONORABLE
   40  CONDITIONS.
   41    (II)  "WOUNDED  VETERAN"  SHALL MEAN A VETERAN, AS DEFINED PURSUANT TO
   42  SUBPARAGRAPH (I) OF THIS PARAGRAPH, WHO SUSTAINED  A  SERVICE  CONNECTED
   43  DISABILITY  AS  CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION OR THE
   44  UNITED STATES DEPARTMENT OF DEFENSE, WHERE SUCH DISABILITY WAS  INCURRED
   45  IN THE LINE OF DUTY IN THE ACTIVE MILITARY, NAVAL OR AIR SERVICE.
   46    S 4. This act shall take effect immediately and shall apply to taxable
   47  years beginning on or after January 1, 2012.