What's happening
This bill creates a tax credit for small businesses that hire unemployed veterans who work full-time for at least a year.
Why it matters
Targets long-term, full-time hiring. The credit is only available for unemployed veterans hired at 35+ hours per week and who remain employed for at least twelve months, encouraging stable, long-term job opportunities rather than short-term or part-time positions.
Specifically helps small businesses. By limiting eligibility to employers with 100 or fewer employees, the bill aims to offset hiring costs for small businesses, which may otherwise struggle to expand their workforce or take financial risks on new hires.
Provides meaningful financial incentives with limitations. At $5,000 per veteran (up to a $25,000 cap), the credit is significant enough to potentially influence hiring decisions, but the overall cap prevents very large financial outlays and may encourage hiring up to five qualifying veterans per business.
Defines “veteran” inclusively but with verification. The bill specifies eligible veterans as those who served during a period of war or received certain expeditionary medals and who were honorably discharged, ensuring the credit supports those with verified service records and a need for employment.
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Who cares
Headline styles
Tax Credit for Hiring Veterans
Plain English, a few words. Used as the page title.
Sponsors
2 Co-sponsors
History
- Enacting clause stricken
- Referred to ways and means
- Referred to ways and means
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.
Hire Veterans, Get Tax Credit
In Senate Committee · Veterans, Homeland Security And Military Affairs · Sponsor Kevin S. Parker
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2627
2017-2018 Regular Sessions
IN ASSEMBLY
January 20, 2017
Introduced by M. of A. SKARTADOS, LAVINE, BRABENEC -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a small business tax credit for the employment of unemployed veterans
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 210-B of the tax law is amended by adding a new subdivision 49 to read as follows:
49. Small business tax credit; unemployed veterans. (a) General. A taxpayer who has one hundred employees or less, shall be allowed a credit, to be computed as provided in this subdivision, against the tax imposed by this article for each unemployed veteran hired during a taxable year, provided that such unemployed veteran is employed for thirtyfive hours or more per week and remains in the employ of such taxpayer for twelve months or more.
(b) Amount of credit. A credit authorized by this section shall equal five thousand dollars per hired unemployed veteran but shall not exceed twenty-five thousand dollars.
(c) Carryovers. The credit allowed under this subdivision may be claimed and if not fully used in the initial year for which the credit is claimed may be carried over, in order, to each of the five succeeding taxable years. The credit authorized by this subdivision may not be used to reduce the tax liability of the credit claimant below zero.
(d) Definitions. As used in this subdivision, the term "veteran" shall mean a person who served in the active military, naval, or air service during a period of war, or who was a recipient of the armed forces expeditionary medal, navy expeditionary medal, marine corps expeditionary medal, or global war on terrorism expeditionary medal, and who was discharged or released therefrom under honorable conditions.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01643-01-7
A. 2627 2
§ 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xliii) to read as follows: (xliii) Small business tax credit; Costs under subdivision unemployed veteran forty-nine of section under subsection (ccc) two hundred ten-b
§ 3. Section 606 of the tax law is amended by adding a new subsection (ccc) to read as follows:
(ccc) Small business tax credit; unemployed veterans. (1) General. A taxpayer who has one hundred employees or less, shall be allowed a credit, to be computed as provided in this subsection, against the tax imposed by this article for each unemployed veteran hired during a taxable year, provided that such unemployed veteran is employed for thirtyfive hours or more per week and remains in the employ of such taxpayer for twelve months or more.
(2) Amount of credit. A credit authorized by this section shall equal five thousand dollars per hired unemployed veteran but shall not exceed twenty-five thousand dollars.
(3) Carryovers. The credit allowed under this subsection may be claimed and if not fully used in the initial year for which the credit is claimed may be carried over, in order, to each of the five succeeding taxable years. The credit authorized by this subsection may not be used to reduce the tax liability of the credit claimant below zero.
(4) Definitions. As used in this subsection, the term "veteran" shall mean a person who served in the active military, naval, or air service during a period of war, or who was a recipient of the armed forces expeditionary medal, navy expeditionary medal, marine corps expeditionary medal, or global war on terrorism expeditionary medal, and who was discharged or released therefrom under honorable conditions.
§ 4. This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2017.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.