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History
- Print number 3745a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
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Sponsor's memo
BILL NUMBER:S3745A
Title of bill
An act to amend the tax law, in relation to establishing a small business tax credit for the employment of unemployed veterans
Purpose
Offer incentives to small businesses to hire and retain employment of unemployed veterans.
Summary of provisions
Section 1: Subdivision 48 is amended to section 210 of the Tax law, to establish a five thousand dollar to twenty-five thousand dollar tax credit for the hiring and retaining of unemployed veterans for a minimum thirty-five hours per week, minimum one year employment period.
Section 2: Clause (xxxiv) is added to section 606 of the Tax law, to identify legislative intent of the bill found within subdivision 48 of section 210 of the Tax law.
Section 3: Subsection (yy) and (zz)is amended to section 606 of the Tax law, to establish a five thousand dollar to twenty-five thousand dollar tax credit for the hiring and retaining of unemployed veterans for a minimum thirty-five hours per week, minimum one year employment period.
Justification
Returning veterans often experience greater challenges in searching and obtaining quality employment. Traits learned in serving our country are more often times than not applicable to offered positions of employment. Factor in the general myth human resources departments exponentially forgo interviewing candidates unemployable for six months or more. The odds are unfortunately staked against these veterans seeking quality employment.
In March 2011, the Department of Labor determined in a report that the national unemployment rate among eighteen to twenty-four year-old veterans is 21%, which is 4 1/2% higher than unemployment of non-veterans in the same age range. Additionally, over 15% of veterans who have served post September 11, 2001 are unemployed, equating to a 2 1/2% increase from 2010.
As it is our moral obligation to thank our veterans for their service to our great country, it is our intent to stimulate employment of their services through the legislative authorization of a small business tax credit for businesses that hire veterans for a minimum thirty-five hours per week, and for a period of a year or more.
Legislative history
2011-2012: S. 4336A - Referred to Investigations and Government Operations. 2013: S. 3745 - Referred to Investigations and Government Operations.
Fiscal implications
To be determined.
Effective date
Shall take effect immediately and begin on or after January 1, 2014.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.