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

                                  5129

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 27, 2009
                               ___________

Introduced  by Sen. McDONALD -- 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  in
  the  amount of certain fees charged in connection with loans under the
  federal home loan guarantee program  to  national  guard  and  reserve
  veterans

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
subsection (qq) to read as follows:
  (QQ)  CREDIT  FOR  CERTAIN FEES PAID TO THE FEDERAL HOME LOAN MORTGAGE
CORPORATION. 1.  AN ELIGIBLE TAXPAYER SHALL BE ALLOWED A CREDIT  AGAINST
THE  TAX IMPOSED BY THIS ARTICLE WHICH IS EQUAL TO THE THREE-QUARTERS OF
ONE PERCENT DIFFERENCE BETWEEN FEES CHARGED TO VETERANS OF THE  NATIONAL
GUARD  OR  ARMED  FORCES  RESERVES AND THE SAME FEES CHARGED TO ELIGIBLE
ACTIVE DUTY VETERANS, UNDER LOAN OR LOAN GUARANTEE PROGRAMS ADMINISTERED
OR FUNDED BY  THE  FEDERAL  HOME  LOAN  MORTGAGE  CORPORATION.  FOR  THE
PURPOSES  OF THIS SECTION AN ELIGIBLE TAXPAYER SHALL BE A VETERAN OF THE
NEW YORK NATIONAL GUARD OR MILITARY RESERVE.
  2. FOR PURPOSES OF THIS SUBSECTION, "VETERAN" SHALL MEAN A PERSON  WHO
SERVED  IN THE ACTIVE MILITARY, NAVAL, OR AIR SERVICE DURING A PERIOD OF
WAR, OR WHO WAS A RECIPIENT OF THE  ARMED  FORCES  EXPEDITIONARY  MEDAL,
NAVY  EXPEDITIONARY  MEDAL,  MARINE CORPS EXPEDITIONARY MEDAL, OR GLOBAL
WAR ON TERRORISM EXPEDITIONARY MEDAL, AND WHO WAS DISCHARGED OR RELEASED
THEREFROM UNDER HONORABLE CONDITIONS.
  3. FOR THE PURPOSES OF THIS SUBSECTION, "SERVICE DURING TIME  OF  WAR"
SHALL MEAN:
  (I)  THE  INDIVIDUAL  IN  QUESTION WAS A RECIPIENT OF THE ARMED FORCES
EXPEDITIONARY MEDAL, THE NAVY EXPEDITIONARY MEDAL OR  THE  MARINE  CORPS
EXPEDITIONARY MEDAL FOR PARTICIPATION IN OPERATIONS IN LEBANON FROM JUNE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02667-01-9
              

S. 5129                             2

FIRST, NINETEEN HUNDRED EIGHTY-THREE TO DECEMBER FIRST, NINETEEN HUNDRED
EIGHTY-SEVEN,  IN  GRENADA  FROM  OCTOBER TWENTY-THIRD, NINETEEN HUNDRED
EIGHTY-THREE TO NOVEMBER TWENTY-FIRST, NINETEEN HUNDRED EIGHTY-THREE, OR
IN PANAMA FROM DECEMBER TWENTIETH, NINETEEN HUNDRED EIGHTY-NINE TO JANU-
ARY THIRTY-FIRST, NINETEEN HUNDRED NINETY; OR
  (II)  THE  INDIVIDUAL SERVED ON ACTIVE DUTY FOR NINETY DAYS OR MORE IN
THE ARMED FORCES OF THE UNITED STATES DURING ANY ONE  OF  THE  FOLLOWING
WARS OR HOSTILITIES:
  (1)  IN  THE  SPANISH-AMERICAN WAR FROM THE TWENTY-FIRST DAY OF APRIL,
EIGHTEEN HUNDRED NINETY-EIGHT TO THE ELEVENTH  DAY  OF  APRIL,  EIGHTEEN
HUNDRED NINETY-NINE, INCLUSIVE;
  (2) IN THE PHILIPPINE INSURRECTION OR THE CHINA RELIEF EXPEDITION FROM
THE  ELEVENTH  DAY  OF APRIL, EIGHTEEN HUNDRED NINETY-NINE TO THE FOURTH
DAY OF JULY, NINETEEN HUNDRED TWO, INCLUSIVE;
  (3) IN THE MEXICAN BORDER CAMPAIGN FROM THE NINTH DAY OF MAY, NINETEEN
HUNDRED SIXTEEN, TO THE FIFTH DAY OF APRIL, NINETEEN HUNDRED  SEVENTEEN,
INCLUSIVE;
  (4)  IN  WORLD  WAR  I  FROM  THE SIXTH DAY OF APRIL, NINETEEN HUNDRED
SEVENTEEN TO THE ELEVENTH DAY OF NOVEMBER,  NINETEEN  HUNDRED  EIGHTEEN,
INCLUSIVE;
  (5) IN WORLD WAR II FROM THE SEVENTH DAY OF DECEMBER, NINETEEN HUNDRED
FORTY-ONE   TO  THE  THIRTY-FIRST  DAY  OF  DECEMBER,  NINETEEN  HUNDRED
FORTY-SIX, INCLUSIVE;
  (6) IN THE KOREAN HOSTILITIES FROM THE  TWENTY-SEVENTH  DAY  OF  JUNE,
NINETEEN  HUNDRED  FIFTY  TO  THE  THIRTY-FIRST DAY OF JANUARY, NINETEEN
HUNDRED FIFTY-FIVE, INCLUSIVE;
  (7) IN THE VIETNAM CONFLICT FROM THE TWENTY-SECOND  DAY  OF  DECEMBER,
NINETEEN  HUNDRED  SIXTY-ONE TO THE SEVENTH DAY OF MAY, NINETEEN HUNDRED
SEVENTY-FIVE;
  (8) IN THE PERSIAN GULF CONFLICT FROM THE SECOND DAY OF AUGUST,  NINE-
TEEN HUNDRED NINETY TO THE END OF SUCH CONFLICT.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2010.