Bill S6024C-2011

Establishes a returning veterans tax credit for businesses that hire veterans and wounded veterans

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.

Details

Actions

  • Jun 19, 2012: referred to ways and means
  • Jun 19, 2012: DELIVERED TO ASSEMBLY
  • Jun 19, 2012: PASSED SENATE
  • May 30, 2012: ADVANCED TO THIRD READING
  • May 23, 2012: 2ND REPORT CAL.
  • May 22, 2012: 1ST REPORT CAL.889
  • May 8, 2012: PRINT NUMBER 6024C
  • May 8, 2012: AMEND AND RECOMMIT TO FINANCE
  • Apr 20, 2012: PRINT NUMBER 6024B
  • Apr 20, 2012: AMEND AND RECOMMIT TO FINANCE
  • Mar 13, 2012: REPORTED AND COMMITTED TO FINANCE
  • Jan 11, 2012: PRINT NUMBER 6024A
  • Jan 11, 2012: AMEND AND RECOMMIT TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS
  • Jan 4, 2012: REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS

Meetings

Calendars

Votes

Memo

BILL NUMBER:S6024C

TITLE OF BILL: An act to amend the tax law, in relation to establishing a returning veterans tax credit for businesses that hire veterans

PURPOSE OR GENERAL IDEA OF BILL: Provides tax credits for businesses that hire returning and wounded veterans.

SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends section 210 of the tax law to add a new subdivision 45 which provides for a returning veterans tax credit. The amount of the credit shall equal three thousand dollars per hired veteran and four thousand dollars per hired wounded veteran, not to exceed fifteen thousand dollars annually.

Section 2 amends subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law by adding a new clause (xxxiv).

Section 3 amends section 606 of the tax law by adding a new subsection (uu) which provides for a returning veterans tax credit.

JUSTIFICATION: Veterans across New York State are struggling to find employment in private sector industries hit hard by the recession. Unemployment among all veterans in New York is over 7 percent. Unemployment has reached a staggering 20 percent for veterans under the age of 30 who recently returned home from Iraq and Afghanistan. According to the Bureau of Labor Statistics, a significant number of recently returned veterans have reported service-connected disabilities.

Our servicemen and women put their lives on the line to protect our freedom. We are therefore responsible for enhancing their economic opportunities to provide for themselves and for their families when they return home. This bill will achieve this by providing tax relief to businesses that hire returning and wounded veterans.

PRIOR LEGISLATIVE HISTORY: None.

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 6024--C IN SENATE (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: Section 1. Section 210 of the tax law is amended by adding a new subdivision 45 to read as follows: 45. RETURNING VETERANS TAX CREDIT. (A) GENERAL. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR EACH VETERAN OR WOUNDED VETERAN HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH: (I) VETERAN IS A NEW EMPLOYEE AND IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE. (II) WOUNDED VETERAN IS A NEW EMPLOYEE AND IS EMPLOYED FOR SEVENTEEN AND ONE-HALF HOURS OR MORE PER WEEK AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE. (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL THREE THOUSAND DOLLARS PER HIRED VETERAN AND FOUR THOUSAND DOLLARS PER HIRED WOUNDED VETERAN BUT SHALL NOT EXCEED FIFTEEN THOUSAND DOLLARS ANNUALLY. (C) CARRYOVERS. THE CREDIT ALLOWED UNDER THIS SUBDIVISION MAY BE CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE TEN SUCCEEDING
TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO. (D) DEFINITIONS. AS USED IN THIS SUBDIVISION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: (I) "NEW EMPLOYEE" SHALL MEAN ANY FULL TIME EMPLOYEE THAT CAUSES THE TOTAL NUMBER OF EMPLOYEES TO INCREASE ABOVE BASE EMPLOYMENT OR CREDIT EMPLOYMENT, WHICHEVER IS HIGHER. (II) "BASE YEAR" SHALL MEAN CALENDAR YEAR TWO THOUSAND ELEVEN. (III) "BASE EMPLOYMENT" SHALL MEAN THE AVERAGE NUMBER OF FULL TIME EMPLOYEES OR FULL TIME EQUIVALENT EMPLOYEES DURING THE BASE YEAR. FOR A NEW BUSINESS, BASE EMPLOYMENT SHALL BEGIN AT ZERO. (IV) "CREDIT EMPLOYMENT" SHALL MEAN BASE EMPLOYMENT PLUS THE NUMBER OF NEW EMPLOYEES FOR WHICH A CREDIT IS EARNED FOR THE PRIOR TAX YEARS. (V) "VETERAN" SHALL MEAN A VETERAN, AS DEFINED IN SECTION ONE HUNDRED ONE OF TITLE THIRTY-EIGHT OF THE UNITED STATES CODE, WHO SERVED EITHER DURING A PERIOD OF WAR OR IN AN AREA DESIGNATED BY THE PRESIDENT OF THE UNITED STATES BY EXECUTIVE ORDER AS A "COMBAT ZONE" AT ANY TIME DURING THE PERIOD DESIGNATED BY THE PRESIDENT BY EXECUTIVE ORDER AS THE PERIOD OF COMBATANT ACTIVITIES IN SUCH ZONE. (VI) "WOUNDED VETERAN" SHALL MEAN A VETERAN, AS DEFINED PURSUANT TO SUBPARAGRAPH (V) OF THIS PARAGRAPH, WHO SUSTAINED A SERVICE-CONNECTED DISABILITY AS CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION OR THE UNITED STATES DEPARTMENT OF DEFENSE. FOR PURPOSES OF THIS SUBDIVISION, THE TERM SERVICE-CONNECTED SHALL HAVE THE SAME MEANING AS IN SECTION ONE HUNDRED ONE OF THE UNITED STATES CODE. S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xxxiv) to read as follows: (XXXIV) RETURNING VETERAN TAX COSTS UNDER SUBDIVISION CREDIT; SUBSECTION (UU) FORTY-FIVE OF SECTION TWO HUNDRED TEN S 3. Section 606 of the tax law is amended by adding a new subsection (uu) to read as follows: (UU) RETURNING VETERANS TAX CREDIT. (1) GENERAL. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR EACH VETERAN OR WOUNDED VETERAN HIRED DURING A TAXABLE YEAR, PROVIDED THAT SUCH: (I) VETERAN IS A NEW EMPLOYEE AND IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE. (II) WOUNDED VETERAN IS A NEW EMPLOYEE AND IS EMPLOYED FOR SEVENTEEN AND ONE-HALF HOURS OR MORE PER WEEK AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE. (2) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL THREE THOUSAND DOLLARS PER HIRED VETERAN AND FOUR THOUSAND DOLLARS PER HIRED WOUNDED VETERAN BUT SHALL NOT EXCEED FIFTEEN THOUSAND DOLLARS ANNUALLY. (3) CARRYOVERS. THE CREDIT ALLOWED UNDER THIS SUBSECTION MAY BE CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH THE CREDIT IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE TEN SUCCEEDING TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO. (4) DEFINITIONS. AS USED IN THIS SUBSECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
(I) "NEW EMPLOYEE" SHALL MEAN ANY FULL TIME EMPLOYEE THAT CAUSES THE TOTAL NUMBER OF EMPLOYEES TO INCREASE ABOVE BASE EMPLOYMENT OR CREDIT EMPLOYMENT, WHICHEVER IS HIGHER. (II) "BASE YEAR" SHALL MEAN CALENDAR YEAR TWO THOUSAND ELEVEN. (III) "BASE EMPLOYMENT" SHALL MEAN THE AVERAGE NUMBER OF FULL TIME EMPLOYEES OR FULL TIME EQUIVALENT EMPLOYEES DURING THE BASE YEAR. FOR A NEW BUSINESS, BASE EMPLOYMENT SHALL BEGIN AT ZERO. (IV) "CREDIT EMPLOYMENT" SHALL MEAN BASE EMPLOYMENT PLUS THE NUMBER OF NEW EMPLOYEES FOR WHICH A CREDIT IS EARNED FOR THE PRIOR TAX YEARS. (V) "VETERAN" SHALL MEAN A VETERAN, AS DEFINED IN SECTION ONE HUNDRED ONE OF TITLE THIRTY-EIGHT OF THE UNITED STATES CODE, WHO SERVED EITHER DURING A PERIOD OF WAR OR IN AN AREA DESIGNATED BY THE PRESIDENT OF THE UNITED STATES BY EXECUTIVE ORDER AS A "COMBAT ZONE" AT ANY TIME DURING THE PERIOD DESIGNATED BY THE PRESIDENT BY EXECUTIVE ORDER AS THE PERIOD OF COMBATANT ACTIVITIES IN SUCH ZONE. (VI) "WOUNDED VETERAN" SHALL MEAN A VETERAN, AS DEFINED PURSUANT TO SUBPARAGRAPH (V) OF THIS PARAGRAPH, WHO SUSTAINED A SERVICE-CONNECTED DISABILITY AS CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION OR THE UNITED STATES DEPARTMENT OF DEFENSE. FOR PURPOSES OF THIS SUBSECTION, THE TERM SERVICE-CONNECTED SHALL HAVE THE SAME MEANING AS IN SECTION ONE HUNDRED ONE OF THE UNITED STATES CODE. S 4. This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2012 and shall apply to those employees hired after this act shall take effect.

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