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S7661Senate2011-2012 Session

Establishes a hire-now veterans tax credit

Sponsor Greg BallSD-40+2 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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Who cares

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Sponsors

Primary sponsor
Greg Ball

Senator · Senate District 40

Chair, Veterans, Homeland Security And Military Affairs

History

  1. Referred to ways and means
  2. Delivered to assembly
  3. Passed senateVote 56–0
  4. Ordered to third reading cal.1293
  5. Referred to rules

Full text

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

Sponsor's memo

BILL NUMBER:S7661

Title of bill

An act to amend the tax law, in relation to establishing a hire-now veterans tax credit

Purpose

To enact a Hire-Now tax credit and an additional incentive for hiring a Veteran.

Summary of provisions

"HIRE-NOW-NY" TAX INCENTIVE: Our Hire-Now-NY proposal includes direct incentives for each new job employers create, a business would get a tax credit of up to $5,000 per employee for a maximum of three years. The credit will equal 6.85 percent of wages paid to the employee. The hires must be new employees. In order to qualify for the Hire-Now credit the employee must be hired by April 1, 2013 to encourage a quick boost in jobs.

"HIRE-A-VET" ENHANCED CREDIT - This bill would provide an enhanced tax credit of up to $10,000 to any business that hires a veteran returning home from military service. The new employee must be employed full time for a full year to qualify for the additional $5,000 credit.

Justification

The unemployment rate for New York's veterans is nearly 30 percent. This bill will help create thousands of new private sector jobs by offering direct incentives to employers to hire our returning veterans.

Legislative history

This is a new bill.

Fiscal implications

This will save employers $30 million in SFY 2013-14.

Effective date

Effective immediately.

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