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

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

To provide tax credits for businesses that hire veterans and disabled veterans.

Summary of provisions

Section 1 amends section 210-B of the tax law to add a new subdivision 51 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 (xliii).

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

Existing law

This is a new law.

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.

Legislative history

2013 A4098 Referred to Ways and Means 2013 S1707A Referred to Investigations and Government Operations 2012 S6024C Passed Senate

Fiscal implications

To be determined

Local fiscal implications

None

Effective date

This act shall take effect immediately.