S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2627
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2017
                                ___________
 
 Introduced  by  M.  of  A.  SKARTADOS, LAVINE, BRABENEC -- read once and
   referred to the Committee on Ways and Means
 
 AN ACT to amend the tax law, in relation to establishing a  small  busi-
   ness tax credit for the employment of unemployed 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 49 to read as follows:
   49.  SMALL  BUSINESS  TAX CREDIT; UNEMPLOYED VETERANS.  (A) GENERAL. A
 TAXPAYER WHO HAS ONE HUNDRED EMPLOYEES OR LESS, SHALL BE ALLOWED A CRED-
 IT, TO BE COMPUTED AS PROVIDED IN  THIS  SUBDIVISION,  AGAINST  THE  TAX
 IMPOSED BY THIS ARTICLE FOR EACH UNEMPLOYED VETERAN HIRED DURING A TAXA-
 BLE  YEAR, PROVIDED THAT SUCH UNEMPLOYED VETERAN IS EMPLOYED FOR THIRTY-
 FIVE 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
 FIVE THOUSAND DOLLARS PER HIRED UNEMPLOYED VETERAN BUT SHALL NOT  EXCEED
 TWENTY-FIVE THOUSAND DOLLARS.
   (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 FIVE 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 TERM "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 EXPEDITION-
 ARY MEDAL, OR GLOBAL WAR ON TERRORISM EXPEDITIONARY MEDAL, AND  WHO  WAS
 DISCHARGED OR RELEASED THEREFROM UNDER HONORABLE CONDITIONS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01643-01-7

              

 A. 2627                             2
 
   §  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by adding a new  clause  (xliii)  to  read  as
 follows:
 (XLIII) SMALL BUSINESS TAX CREDIT;   COSTS UNDER SUBDIVISION
 UNEMPLOYED VETERAN                   FORTY-NINE OF SECTION
 UNDER SUBSECTION (CCC)               TWO HUNDRED TEN-B
   § 3.  Section 606 of the tax law is amended by adding a new subsection
 (ccc) to read as follows:
   (CCC)  SMALL  BUSINESS TAX CREDIT; UNEMPLOYED VETERANS. (1) GENERAL. A
 TAXPAYER WHO HAS ONE HUNDRED EMPLOYEES OR LESS, SHALL BE ALLOWED A CRED-
 IT, TO BE COMPUTED AS PROVIDED  IN  THIS  SUBSECTION,  AGAINST  THE  TAX
 IMPOSED BY THIS ARTICLE FOR EACH UNEMPLOYED VETERAN HIRED DURING A TAXA-
 BLE  YEAR, PROVIDED THAT SUCH UNEMPLOYED VETERAN IS EMPLOYED FOR THIRTY-
 FIVE 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
 FIVE THOUSAND DOLLARS PER HIRED UNEMPLOYED VETERAN BUT SHALL NOT  EXCEED
 TWENTY-FIVE THOUSAND DOLLARS.
   (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 FIVE 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 TERM "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 EXPEDITION-
 ARY MEDAL, OR GLOBAL WAR ON TERRORISM EXPEDITIONARY MEDAL, AND  WHO  WAS
 DISCHARGED OR RELEASED THEREFROM UNDER HONORABLE CONDITIONS.
   § 4. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2017.