Establishes business franchise and personal income tax gifts for the support of state veterans' homes

Title of bill

An act to amend the tax law, in relation to establishing business franchise and personal income tax gifts for state veterans' homes; and to amend the state finance law, in relation to establishing the veterans' home assistance fund

Purpose

Provides a tax line to assist the state run veterans' homes.

Summary of provisions

Section one and two establish new sections of the state tax law to allow New York State income tax filers to contribute to the veterans' home assistance fund. Such contribution shall be in any whole dollar amount and shall not reduce the amount of state tax owed by such individual. The commissioner of taxation and finance shall include space on the personal income tax return to enable a taxpayer to elect to make such contribution.

Section three creates a new section 81 of the state finance law to create the veterans' home assistance fund, which shall consist of all revenues received by the department of taxation and finance pursuant to sections 209-J and 627-c of the tax law, which are created by sections one and two of this bill. Further, money of the fund shall be expended only for the care and maintenance of the five veterans' homes operated by agencies of the state, and shall be distributed equally among the five homes. Additionally, on or before the first February each year, the commissioner of health shall provide a written report to include how the monies of the fund were utilized during the preceding calendar year and the amount of money dispersed from the fund and the recipients.

Section four establishes the effective date.

Justification

The United States is privileged to have the most courageous service men and women in the world, who risked their lives fighting to protect our freedom. These dedicated service members deserve the upmost care, which many receive through the statewide veterans' home system. However, health care costs are rising at an alarming rate. This places a significant financial hardship on the elderly population, especially veterans who often times are plagued with chronic ailments resulting from their time in service.

According to 2014 data, approximately 48% of the veteran population in New York State is 65 years of age or older, and we owe it to these men and woman to care for them in their elder years. This bill seeks to aid in these efforts by creating the veterans' home assistance fund, and adds a tax line to allow contributions through State income tax returns. Establishing an additional funding mechanism for the state run veterans' homes is the least we can do to give back to the brave men and women who dedicated their lives to protect our own.

Legislative history

New bill

Fiscal implications

None

Effective date

This act shall take effect immediately.