Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 22, 2016 |
referred to veterans, homeland security and military affairs |
Senate Bill S6523
2015-2016 Legislative Session
Sponsored By
(D) 10th Senate District
Archive: Last Bill Status - In Senate Committee Veterans, Homeland Security And Military Affairs Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2015-S6523 (ACTIVE) - Details
2015-S6523 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6523 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 : To provide tax credits for businesses that hire veterans and disabled veterans. SUMMARY OF PROVISIONS : Section 1 amends section 210-B of the tax law to add a new subdivision 51 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 (xliii). Section 3 amends section 606 of the tax law by adding a new subsection (ccc) which provides for a returning veterans tax credit.
2015-S6523 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6523 I N S E N A T E January 22, 2016 ___________ Introduced by Sen. SANDERS -- read twice and ordered printed, and when printed to be committed to the Committee on Veterans, Homeland Securi- ty and Military Affairs 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-B of the tax law is amended by adding a new subdivision 51 to read as follows: 51. 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 DISABLED VETERAN HIRED DURING A TAXABLE YEAR, PROVIDED THAT: (I) SUCH 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; OR (II) SUCH DISABLED VETERAN IS A NEW EMPLOYEE WHO 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 DISABLED 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 FIFTEEN. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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