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A4512Assembly2017-2018 Session

Cut Taxes for Working Veterans

Official title

“Provides an exemption of fifty percent of a retired military employee's retirement allowance if such person has been employed, on average, twenty-five hours per week”

Sponsor Felix OrtizAD-51+1 co-sponsorAffects Finance
Status
In Assembly Committee
Ways And Means
Impact
5/10
Moderate
Passage
0%

Bill progress

Step 2 of 7

In committee · Ways And Means

What's happening

This bill provides a state tax exemption for 50% of certain military retirement pay for qualifying employed veterans in New York.

Why it matters

  1. Encourages Workforce Participation. By tying the tax exemption to a requirement that veterans work at least 25 hours per week, the bill incentivizes retired military personnel to remain active in the workforce, potentially helping address labor shortages and enhancing economic productivity.

  2. Eases Financial Transition for Retired Veterans. The partial exemption on military retirement pay helps mitigate the financial challenges veterans may face when transitioning from military to civilian employment, making New York a more attractive state for veterans to settle in after service.

  3. Targets Support to Working-Age Veterans. Because the exemption only applies to those who are employed, the bill specifically benefits working-age veterans rather than all retirees, aiming to support those still contributing to the economy rather than providing a blanket benefit.

  4. Potential Impact on State Revenue and Veteran Retention. While offering financial relief to veterans, the bill may reduce state tax revenues slightly; however, it could also help retain and attract skilled veterans to live and work in New York, potentially offsetting losses through increased economic activity.

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Who cares

Headline styles

Cut Taxes for Working Veterans

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Felix Ortiz

Assembly Member · Assembly District 51

1 Co-sponsor

1 Multi-sponsor

History

  1. Referred to ways and means
  2. Referred to ways and means

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

4512

2017-2018 Regular Sessions

IN ASSEMBLY

February 2, 2017

Introduced by M. of A. ORTIZ, BENEDETTO -- Multi-Sponsored by -- M. of A. HOOPER -- read once and referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to tax exemptions for certain retired military personnel

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Subsection (c) of section 612 of the tax law is amended by adding a new paragraph 42 to read as follows:

(42) An amount equal to fifty percent of money received pursuant to section two hundred fifteen of the military law by a taxpayer for any taxable year in which the taxpayer has been employed, on average, a minimum of twenty-five hours per week.

§ 2. This act shall take effect immediately and shall apply to any taxable year commencing after such effective date.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD08864-01-7

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.