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.