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S6024Senate2011-2012 SessionSame asA8837

Establishes a returning veterans tax credit for businesses that hire veterans and wounded veterans

Sponsor Mark GrisantiSD-60+9 co-sponsorsAffects Finance
Status
In Assembly Committee
Ways And Means
Impact
Pending
Passage
Pending

Bill progress

Step 5 of 7

In Assembly · Ways And Means

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Sponsors

Primary sponsor
Mark Grisanti

Senator · Senate District 60

Chair, Environmental Conservation

History

  1. Referred to ways and means
  2. Delivered to assembly
  3. Passed senateVote 59–0
  4. Advanced to third reading
  5. 2nd report cal.
  6. 1st report cal.889
  7. Print number 6024c
  8. Amend and recommit to finance
  9. Print number 6024b
  10. Amend and recommit to finance
  11. Reported and committed to finance
  12. Print number 6024a
Show 2 earlier actions
  1. Amend and recommit to veterans, homeland security and military affairs
  2. Referred to veterans, homeland security and military affairs

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.

A8837Assembly

Establishes a returning veterans tax credit for businesses that hire veterans and wounded veterans

In Assembly Committee · Ways And Means · Sponsor Fred Thiele

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S6024C

Title of bill

An act to amend the tax law, in relation to establishing a returning veterans tax credit for businesses that hire veterans

Purpose or general idea of bill

Provides tax credits for businesses that hire returning and wounded veterans.

Summary of specific provisions

Section 1 amends section 210 of the tax law to add a new subdivision 45 which provides for a returning veterans tax credit. The amount of the credit shall equal three thousand dollars per hired veteran and four thousand dollars per hired wounded veteran, not to exceed fifteen thou- sand dollars annually.

Section 2 amends subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law by adding a new clause (xxxiv).

Section 3 amends section 606 of the tax law by adding a new subsection (uu) which provides for a returning veterans tax credit.

Justification

Veterans across New York State are struggling to find employment in private sector industries hit hard by the recession. Unemployment among all veterans in New York is over 7 percent. Unemployment has reached a staggering 20 percent for veterans under the age of 30 who recently returned home from Iraq and Afghanistan. According to the Bureau of Labor Statistics, a significant number of recently returned veterans have reported service-connected disabilities.

Our servicemen and women put their lives on the line to protect our freedom. We are therefore responsible for enhancing their economic opportunities to provide for themselves and for their families when they return home. This bill will achieve this by providing tax relief to businesses that hire returning and wounded veterans.

Prior legislative history

None.

Fiscal implications

To be determined.

Effective date

This act shall take effect immediately.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.