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History
- Print number 4548a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
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Establishes a small business tax credit for the employment of unemployed veterans
In Assembly Committee · Ways And Means · Sponsor Frank Skartados
Full text
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Sponsor's memo
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 49 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 (xli) is added to section 606 of the Tax law, to identify legislative intent of the bill found within subdivision 45 of section 210 of the Tax law.
Section 3: Subsection (ccc) 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
Legislative history
2015: A.391 - Referred to Ways and Mean 2013-14: A.1800 - Referred to Ways and Means
Fiscal implications
To be determined
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2016.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.