Bill Text: NY A08933 | 2011-2012 | General Assembly | Introduced

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Bill Title: Establishes a returning heroes tax credit for businesses that hire veterans and wounded veterans returning from war.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2012-06-19 - held for consideration in ways and means [A08933 Detail]

Download: New_York-2011-A08933-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8933
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 4, 2012
                                      ___________
       Introduced  by  M.  of  A.  SCARBOROUGH -- read once and referred to the
         Committee on Ways and Means
       AN ACT to amend the tax law, in relation  to  establishing  a  returning
         heroes tax credit for businesses that hire veterans returning from war
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
    2  subdivision 45 to read as follows:
    3    45.  RETURNING  HEROES  TAX  CREDIT.  (A) GENERAL. A TAXPAYER SHALL BE
    4  ALLOWED A CREDIT, TO  BE  COMPUTED  AS  PROVIDED  IN  THIS  SUBDIVISION,
    5  AGAINST  THE  TAX  IMPOSED  BY  THIS ARTICLE FOR EACH VETERAN OR WOUNDED
    6  VETERAN HIRED DURING A TAXABLE  YEAR,  PROVIDED  THAT  SUCH  VETERAN  OR
    7  WOUNDED  VETERAN  IS EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK AND
    8  REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
    9    (B) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
   10  TWO THOUSAND FOUR HUNDRED DOLLARS PER HIRED SHORT-TERM UNEMPLOYED VETER-
   11  AN,  FOUR  THOUSAND EIGHT HUNDRED DOLLARS PER HIRED LONG-TERM UNEMPLOYED
   12  VETERAN, FOUR THOUSAND EIGHT HUNDRED DOLLARS PER HIRED SHORT-TERM  UNEM-
   13  PLOYED  WOUNDED  VETERAN AND NINE THOUSAND SIX HUNDRED DOLLARS PER HIRED
   14  LONG-TERM UNEMPLOYED VETERAN  BUT  SHALL  NOT  EXCEED  FIFTEEN  THOUSAND
   15  DOLLARS.
   16    (C)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER  THIS SUBDIVISION MAY BE
   17  CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH  THE  CREDIT
   18  IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
   19  TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
   20  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   21    (D)  DEFINITIONS.  AS  USED  IN  THIS SUBDIVISION, THE FOLLOWING TERMS
   22  SHALL HAVE THE FOLLOWING MEANINGS:
   23    (I) "LONG-TERM UNEMPLOYED" SHALL MEAN A VETERAN, AS  DEFINED  PURSUANT
   24  TO  SUBPARAGRAPH  (III)  OF THIS PARAGRAPH, THAT HAS BEEN UNEMPLOYED FOR
   25  LONGER THAN SIX MONTHS.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13787-02-2
       A. 8933                             2
    1    (II) "SHORT-TERM UNEMPLOYED" SHALL MEAN A VETERAN, AS DEFINED PURSUANT
    2  TO SUBPARAGRAPH (III) OF THIS PARAGRAPH, THAT HAS  BEEN  UNEMPLOYED  FOR
    3  LONGER THAN FOUR WEEKS, BUT NO LONGER THAN SIX MONTHS.
    4    (III) "VETERAN" SHALL MEAN A PERSON WHO SERVED IN THE ACTIVE MILITARY,
    5  NAVAL,  OR AIR SERVICE DURING A PERIOD OF WAR, OR WHO WAS A RECIPIENT OF
    6  THE ARMED FORCES EXPEDITIONARY MEDAL, NAVY EXPEDITIONARY  MEDAL,  MARINE
    7  CORPS  EXPEDITIONARY  MEDAL,  OR  GLOBAL  WAR ON TERRORISM EXPEDITIONARY
    8  MEDAL, AND WHO WAS DISCHARGED  OR  RELEASED  THEREFROM  UNDER  HONORABLE
    9  CONDITIONS.
   10    (IV)  "WOUNDED  VETERAN"  SHALL MEAN A VETERAN, AS DEFINED PURSUANT TO
   11  SUBPARAGRAPH (III) OF THIS PARAGRAPH, WHO SUSTAINED A SERVICE  CONNECTED
   12  DISABILITY  AS  CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION OR THE
   13  UNITED STATES DEPARTMENT OF DEFENSE, WHERE SUCH DISABILITY WAS  INCURRED
   14  IN THE LINE OF DUTY IN ACTIVE MILITARY, NAVAL OR AIR SERVICE.
   15    S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
   16  of the tax law is amended by adding a new  clause  (xxxiv)  to  read  as
   17  follows:
   18  (XXXIV) RETURNING VETERAN TAX        COSTS UNDER SUBDIVISION
   19  CREDIT UNDER SUBSECTION (UU)         FORTY-FIVE OF SECTION
   20                                       TWO HUNDRED TEN
   21    S  3. Section 606 of the tax law is amended by adding a new subsection
   22  (uu) to read as follows:
   23    (UU) RETURNING HEROES TAX CREDIT. (1) GENERAL.  A  TAXPAYER  SHALL  BE
   24  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
   25  THE  TAX  IMPOSED  BY  THIS  ARTICLE FOR EACH VETERAN OR WOUNDED VETERAN
   26  HIRED DURING A TAXABLE YEAR,  PROVIDED  THAT  SUCH  VETERAN  OR  WOUNDED
   27  VETERAN  IS  EMPLOYED FOR THIRTY-FIVE HOURS OR MORE PER WEEK AND REMAINS
   28  IN THE EMPLOY OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   29    (2) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
   30  TWO THOUSAND FOUR HUNDRED DOLLARS PER HIRED SHORT-TERM UNEMPLOYED VETER-
   31  AN,  FOUR  THOUSAND EIGHT HUNDRED DOLLARS PER HIRED LONG-TERM UNEMPLOYED
   32  VETERAN, FOUR THOUSAND EIGHT HUNDRED DOLLARS PER HIRED SHORT-TERM  UNEM-
   33  PLOYED  WOUNDED  VETERAN AND NINE THOUSAND SIX HUNDRED DOLLARS PER HIRED
   34  LONG-TERM UNEMPLOYED VETERAN  BUT  SHALL  NOT  EXCEED  FIFTEEN  THOUSAND
   35  DOLLARS.
   36    (3)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER  THIS  SUBSECTION MAY BE
   37  CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH  THE  CREDIT
   38  IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
   39  TAXABLE  YEARS. THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED
   40  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   41    (4) DEFINITIONS. AS USED IN THIS SUBSECTION, THE FOLLOWING TERMS SHALL
   42  HAVE THE FOLLOWING MEANINGS:
   43    (A) "LONG-TERM UNEMPLOYED" SHALL MEAN A VETERAN, AS  DEFINED  PURSUANT
   44  TO  SUBPARAGRAPH  (C)  OF  THIS  PARAGRAPH, THAT HAS BEEN UNEMPLOYED FOR
   45  LONGER THAN SIX MONTHS.
   46    (B) "SHORT-TERM UNEMPLOYED" SHALL MEAN A VETERAN, AS DEFINED  PURSUANT
   47  TO  SUBPARAGRAPH  (C)  OF  THIS  PARAGRAPH, THAT HAS BEEN UNEMPLOYED FOR
   48  LONGER THAN FOUR WEEKS, BUT NO LONGER THAN SIX MONTHS.
   49    (C) "VETERAN" SHALL MEAN A PERSON WHO SERVED IN THE  ACTIVE  MILITARY,
   50  NAVAL,  OR AIR SERVICE DURING A PERIOD OF WAR, OR WHO WAS A RECIPIENT OF
   51  THE ARMED FORCES EXPEDITIONARY MEDAL, NAVY EXPEDITIONARY  MEDAL,  MARINE
   52  CORPS  EXPEDITIONARY  MEDAL,  OR  GLOBAL  WAR ON TERRORISM EXPEDITIONARY
   53  MEDAL, AND WHO WAS DISCHARGED  OR  RELEASED  THEREFROM  UNDER  HONORABLE
   54  CONDITIONS.
   55    (D)  "WOUNDED  VETERAN"  SHALL  MEAN A VETERAN, AS DEFINED PURSUANT TO
   56  SUBPARAGRAPH (C) OF THIS PARAGRAPH, WHO SUSTAINED  A  SERVICE  CONNECTED
       A. 8933                             3
    1  DISABILITY  AS  CERTIFIED BY THE FEDERAL VETERAN'S ADMINISTRATION OR THE
    2  UNITED STATES DEPARTMENT OF DEFENSE, WHERE SUCH DISABILITY WAS  INCURRED
    3  IN THE LINE OF DUTY IN THE ACTIVE MILITARY, NAVAL OR AIR SERVICE.
    4    S 4. This act shall take effect immediately and shall apply to taxable
    5  years beginning on or after January 1, 2013.