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History
- Referred to investigations and government operations
- Print number 1707a
- Amend and recommit 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.
Establishes a returning veterans tax credit for businesses that hire veterans and disabled 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:S1707A
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
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 48 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 thousand 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 (xxxvii).
Section 3 amends section 606 of the tax law by adding a new subsection (xx) 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
S. 6024C Passed Senate in 2012
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.