Bill Text: NY S07439 | 2011-2012 | General Assembly | Amended
Bill Title: Establishes business franchise and personal income tax credits for employment of discharged combat veterans.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2012-06-04 - PRINT NUMBER 7439B [S07439 Detail]
Download: New_York-2011-S07439-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
7439--B
I N S E N A T E
May 16, 2012
___________
Introduced by Sens. BALL, HASSELL-THOMPSON -- read twice and ordered
printed, and when printed to be committed to the Committee on Investi-
gations and Government Operations -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee -- 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
AN ACT to amend the tax law, in relation to establishing business fran-
chise and personal income tax credits for employers which employ
combat 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. CREDIT FOR EMPLOYMENT OF COMBAT VETERANS. (A) ALLOWANCE OF CREDIT.
4 A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS
5 SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR EMPLOYING
6 WITHIN THE STATE A COMBAT VETERAN.
7 (B) COMBAT VETERAN. A COMBAT VETERAN IS A PERSON WHO SERVED IN THE
8 ARMED SERVICES OF THE UNITED STATES WITHIN TWO YEARS OF COMMENCING
9 EMPLOYMENT BY THE TAXPAYER, WHO SERVED IN A COMBAT ZONE AS DESIGNATED BY
10 THE PRESIDENT OF THE UNITED STATES BY EXECUTIVE ORDER, AND WHO HAS BEEN
11 HONORABLY DISCHARGED OR RELEASED UNDER HONORABLE CIRCUMSTANCES FROM SUCH
12 SERVICE OR FURLOUGHED TO THE RESERVE.
13 (C) AMOUNT OF CREDIT. THE AMOUNT OF CREDIT SHALL BE SIX THOUSAND
14 DOLLARS FOR EACH COMBAT VETERAN EMPLOYED BY THE TAXPAYER DURING THE
15 TAXABLE YEAR ON A FULL-TIME BASIS OF THIRTY-FIVE HOURS OR MORE OF WORK
16 PER WEEK. THE CREDIT PROVIDED BY THIS SUBDIVISION MAY ONLY BE CLAIMED,
17 WITH REGARD TO ANY COMBAT VETERAN, IF SUCH VETERAN HAS BEEN EMPLOYED BY
18 THE TAXPAYER ON A FULL-TIME BASIS FOR AT LEAST TWENTY-FIVE CONSECUTIVE
19 WEEKS. PROVIDED THAT THE TAXPAYER MAY ONLY CLAIM CREDIT FOR A COMBAT
20 VETERAN FOR THE TAXABLE YEAR IN WHICH SUCH VETERAN COMPLETED THE EMPLOY-
21 MENT DURATION REQUIREMENT OF THIS PARAGRAPH AND THE IMMEDIATELY
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15869-04-2
S. 7439--B 2
1 SUCCEEDING TAXABLE YEAR IF SUCH VETERAN HAS BEEN CONTINUOUSLY EMPLOYED
2 BY THE TAXPAYER FOR AT LEAST ONE YEAR.
3 (D) CARRYOVER. THE CREDIT ALLOWED PURSUANT TO THIS SUBDIVISION FOR ANY
4 TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE
5 AMOUNT PRESCRIBED IN PARAGRAPHS (C) AND (D) OF SUBDIVISION ONE OF THIS
6 SECTION. HOWEVER, IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS SUBDIVI-
7 SION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF
8 CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER TO THE
9 FOLLOWING YEAR OR YEARS, AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR
10 SUCH YEAR OR YEARS.
11 S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
12 of the tax law is amended by adding a new clause (xxxiv) to read as
13 follows:
14 (XXXIV) CREDIT FOR EMPLOYMENT AMOUNT OF CREDIT FOR
15 OF COMBAT VETERANS UNDER EMPLOYMENT OF COMBAT
16 SUBSECTION (UU) VETERANS UNDER SUBDIVISION
17 FORTY-FIVE OF SECTION
18 TWO HUNDRED TEN
19 S 3. Section 606 of the tax law is amended by adding a new subsection
20 (uu) to read as follows:
21 (UU) CREDIT FOR EMPLOYMENT OF COMBAT VETERANS. (1) ALLOWANCE OF CRED-
22 IT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN
23 THIS SUBSECTION, AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR EMPLOYING
24 WITHIN THE STATE A COMBAT VETERAN.
25 (2) COMBAT VETERAN. A COMBAT VETERAN IS A PERSON WHO SERVED IN THE
26 ARMED SERVICES OF THE UNITED STATES WITHIN TWO YEARS OF COMMENCING
27 EMPLOYMENT BY THE TAXPAYER, WHO SERVED IN A COMBAT ZONE AS DESIGNATED BY
28 THE PRESIDENT OF THE UNITED STATES BY EXECUTIVE ORDER, AND WHO HAS BEEN
29 HONORABLY DISCHARGED OR RELEASED UNDER HONORABLE CIRCUMSTANCES FROM SUCH
30 SERVICE OR FURLOUGHED TO THE RESERVE.
31 (3) AMOUNT OF CREDIT. THE AMOUNT OF CREDIT SHALL BE SIX THOUSAND
32 DOLLARS FOR EACH COMBAT VETERAN EMPLOYED BY THE TAXPAYER DURING THE
33 TAXABLE YEAR ON A FULL-TIME BASIS OF THIRTY-FIVE HOURS OR MORE OF WORK
34 PER WEEK. THE CREDIT PROVIDED BY THIS SUBSECTION MAY ONLY BE CLAIMED,
35 WITH REGARD TO ANY COMBAT VETERAN, IF SUCH VETERAN HAS BEEN EMPLOYED BY
36 THE TAXPAYER ON A FULL-TIME BASIS FOR AT LEAST TWENTY-FIVE CONSECUTIVE
37 WEEKS. PROVIDED THAT THE TAXPAYER MAY ONLY CLAIM CREDIT FOR A COMBAT
38 VETERAN FOR THE TAXABLE YEAR IN WHICH SUCH VETERAN COMPLETED THE EMPLOY-
39 MENT DURATION REQUIREMENT OF THIS PARAGRAPH AND THE IMMEDIATELY SUCCEED-
40 ING TAXABLE YEAR IF SUCH VETERAN HAS BEEN CONTINUOUSLY EMPLOYED BY THE
41 TAXPAYER FOR AT LEAST ONE YEAR.
42 (4) CARRYOVER. IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS
43 SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
44 YEAR, THE EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS, AND
45 MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
46 S 4. This act shall take effect immediately and shall apply to taxable
47 years commencing on or after January 1, 2012.
