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.

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S6024C-2011 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

S6024C-2011 Meetings

Finance: May 22, 2012

S6024C-2011 Calendars

Active List: Jun 19, 2012 , Floor Calendar: May 23, 2012 , Floor Calendar: May 30, 2012 , Floor Calendar: May 31, 2012 , Floor Calendar: Jun 4, 2012 , Floor Calendar: Jun 5, 2012 , Floor Calendar: Jun 6, 2012 , Floor Calendar: Jun 11, 2012 , Floor Calendar: Jun 12, 2012 , Floor Calendar: Jun 13, 2012 , Floor Calendar: Jun 14, 2012 , Floor Calendar: Jun 18, 2012 , Floor Calendar: Jun 19, 2012

S6024C-2011 Votes

S6024C-2011 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 thou-
sand 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.

S6024C-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                   6024--C

                              I N  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

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD13511-08-2

 S. 6024--C                          2

  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:


 S. 6024--C                          3

    (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.