Bill Text: NY S07785 | 2017-2018 | General Assembly | Introduced

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Bill Title: Provides a tax credit for caregivers of wounded veterans.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-02-23 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S07785 Detail]

Download: New_York-2017-S07785-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7785
                    IN SENATE
                                    February 23, 2018
                                       ___________
        Introduced  by  Sen.  CROCI  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations
        AN ACT to amend the tax law, in relation to providing a tax  credit  for
          wounded warrior caregivers
          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 (iii) to read as follows:
     3    (iii)  Wounded warrior caregivers tax credit. (1) Allowance of credit.
     4  A taxpayer who is eligible pursuant to section forty-four of this  chap-
     5  ter  shall  be  allowed  a  credit  to be computed   as provided in such
     6  section against the tax imposed by this article.
     7    (2) Application of credit. If the  amount  of  the  credits  allowable
     8  under  this  subsection  for any taxable year exceeds the taxpayer's tax
     9  for such year, the excess shall be treated as an  overpayment of tax  to
    10  be credited or refunded in accordance with the provisions of section six
    11  hundred  eighty-six of this article, provided, however, that no interest
    12  shall be paid thereon.
    13    § 2. The tax law is amended by adding a new  section  44  to  read  as
    14  follows:
    15    §  44.  Wounded  warrior  caregivers  tax credit. (a) Definitions. (1)
    16  Qualified family caregiver shall mean an  individual  resident  of  this
    17  state,  with  federal  adjusted gross income for the taxable year not in
    18  excess of two hundred thousand dollars if filing jointly or one  hundred
    19  thousand  dollars  if filing as a single or separate filer, who provides
    20  care and support to a qualifying armed service  member to whom the care-
    21  giver is a relative.
    22    (2) Qualified armed service member shall mean an individual who has  a
    23  disability  arising  out  of  service  in  the  active military or naval
    24  service of the United States in any war or conflict on or after  Septem-
    25  ber  eleventh,  two  thousand  one,  has  been  honorably  discharged or
    26  released under honorable circumstances, meets the requirement for  total
    27  disability  ratings  for  compensation based upon unemployability of the
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13773-02-7
        S. 7785                             2
     1  individual as determined by the United States   department  of  veterans
     2  affairs,  and  has  resided  with the qualified family caregiver in this
     3  state  for not less than six months of the taxable year.
     4    (3)  Relative shall mean an individual related by consanguinity within
     5  the third degree by law or blood.
     6    (b) Allowance of credit. (1) A taxpayer that  is  a  qualified  family
     7  caregiver  shall  be allowed a qualified veteran care credit against the
     8  tax otherwise due for the taxable year, in  an    amount  equal  to  one
     9  hundred  percent  of  the  federal  veteran disability compensation of a
    10  qualified armed service member for which the qualified family  caregiver
    11  renders care or eight  hundred dollars, whichever is less.
    12    (2) If two or more family caregivers qualify for the qualified veteran
    13  care  credit  for the same qualified armed service member, the amount of
    14  the credit allowed shall be allocated in proportion  to  each  qualified
    15  family caregiver's share of total care expenses provided for the taxable
    16  year.
    17    (3)  If the amount of the credit allowed under this subsection for any
    18  taxable year shall exceed the taxpayer's tax for such year,  the  excess
    19  shall  be treated as an overpayment of tax to be credited or refunded in
    20  accordance with the provisions of section six hundred eighty-six of this
    21  chapter, provided, however, that no interest shall be paid thereon.
    22    § 3. This act shall take effect immediately and apply to taxable years
    23  beginning on or after January first next succeeding the date on which it
    24  became a law.