NY State Senate Bill 2021-S5282

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2022	referred to budget and revenue
Mar 01, 2021	referred to budget and revenue

co-Sponsors

2021-S5282 (ACTIVE) - Details

Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:: 2015-2016: S4548
2017-2018: S3252
2019-2020: S4708

2021-S5282 (ACTIVE) - Summary

Establishes a five thousand dollar to twenty-five thousand dollar tax credit for the hiring and retaining of unemployed veterans for a minimum thirty-five hours per week, minimum one year employment period.

2021-S5282 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S5282

SPONSOR: PARKER
 
TITLE OF BILL:

An act to amend the tax law, in relation to establishing a small busi-
ness tax credit for the employment of unemployed veterans

 
PURPOSE:

Offer incentives to small businesses to hire and retain employment of
unemployed veterans.

 
SUMMARY OF PROVISIONS:

Section 1: Subdivision 49 is amended to section 210 of the Tax law, to
establish a five thousand dollar to twenty-five thousand dollar tax
credit for the hiring and retaining of unemployed veterans for a minimum
thirty-five hours per week, minimum one year employment period.

Section 2: Clause (xli) is added to section 606 of the Tax law, to iden-

tify legislative intent of the bill found within subdivision 45 of
section 210 of the Tax law.

Section 3: Subsection (ccc) is amended to section 606 of the Tax law, to
establish a five thousand dollar to twenty-five thousand dollar tax
credit for the hiring and retaining of unemployed veterans for a minimum
thirty-five hours per week, minimum one year employment period.

 
JUSTIFICATION:

Returning veterans often experience greater challenges in searching and
obtaining quality employment. Traits learned in serving our country are
more often times than not applicable to offered positions of employment.
Factor in the general myth human resources departments exponentially
forgo interviewing candidates unemployable for six months or more. The
odds are unfortunately staked against these veterans seeking quality
employment.

In March 2011, the Department of Labor determined in a report that the
national unemployment rate among eighteen to twenty-four year-old veter-
ans is 21%, which is 4 1/2% higher than, unemployment of non-veterans in
the same age range. Additionally, over 15% of veterans who have served
post September 11, 2001 are unemployed, equating to a 2 1/2% increase
from 2010.

As it is our moral obligation to thank our veterans for their service to
our great country, it is our intent to stimulate employment of their
services through the legislative authorization of a small business tax
credit for businesses that hire veterans for a minimum thirty-five hours

 
LEGISLATIVE HISTORY:

2019-20: 5.4708 - Referred to Budget and Revenue

2017-18: S.3252 - Referred to VETERANS, HOLLAND SECURITY AND MILITARY
AFFAIRS


2015-16: S.4548A/A.391 - Amend and Recommit to Investigations and Gov't
Operations

2013-14: A.1800 - Referred to Ways and Means

 
FISCAL IMPLICATIONS:

To be determined

 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
beginning on or after January 1, 2021.

2021-S5282 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5282
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 1, 2021
                                ___________
 
 Introduced  by  Sens.  PARKER, ADDABBO, BAILEY, COMRIE -- read twice and
   ordered printed, and when printed to be committed to the Committee  on
   Budget and Revenue
 
 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 55 to read as follows:
   55. 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.
                                                            LBD09277-01-1

 S. 5282                             2
 
   § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by adding a new clause (xlvi) to read as
 follows:
 (XLVI) SMALL BUSINESS TAX CREDIT;    COSTS UNDER SUBDIVISION
 UNEMPLOYED VETERAN                   FIFTY-FIVE OF SECTION
 UNDER SUBSECTION (KKK)               TWO HUNDRED TEN-B
   §  3. Section 606 of the tax law is amended by adding a new subsection
 (kkk) to read as follows:
   (KKK) 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, 2021.

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Senate Bill S5282

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

co-Sponsors

2021-S5282 (ACTIVE) - Details

2021-S5282 (ACTIVE) - Summary

2021-S5282 (ACTIVE) - Sponsor Memo

2021-S5282 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S5282

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Sponsored By

Kevin S. Parker

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

co-Sponsors

Joseph P. Addabbo Jr.

Jamaal T. Bailey

Leroy Comrie

2021-S5282 (ACTIVE) - Details

2021-S5282 (ACTIVE) - Summary

2021-S5282 (ACTIVE) - Sponsor Memo

2021-S5282 (ACTIVE) - Bill Text download pdf

Comments