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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides a tax credit in the amount of certain fees charged in connection with loans under the federal home loan guarantee program to national guard and reserve vets
In Assembly Committee · Ways And Means · Sponsor Stephen Hawley
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to providing a tax credit in the amount of certain fees charged in connection with loans under the federal home loan guarantee program to national guard and reserve veterans
Purpose or general idea of bill
Expand federal home loan guarantee for VA qualified NYS National Guard and Reserve veterans by providing a NYS tax credit for the extra .75% difference in funding fee charges between VA active duty veterans and eligible guard and reserve veterans.
Summary of specific provisions
Section 1- A veteran of the New York National Guard of military reserve will be allowed a tax credit which is equal to three quarters of one percent difference between fees charged to veterans of National Guard or armed forces reserves and the same fees charged to eligible active duty veterans, under loan guarantee programs administered or funded by the federal home loan mortgage corporation. Section 2- Effective date.
Justification
The tax credit will offset the discrepancy of the .75% in additional funding fees that National Guard and reservists pay compared to active duty military personnel.
Prior legislative history
New Bill
Fiscal implications
To be Determined
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.