What's happening
This bill exempts New York veterans from certain business and not-for-profit corporation filing fees for five years after honorable discharge.
Why it matters
Reduces startup costs for veterans. By waiving business and not-for-profit corporation filing fees for five years after discharge, this bill lowers the financial barriers for veterans seeking to start new ventures in New York, potentially increasing veteran entrepreneurship.
Targets recent veterans. The exemption is only available to those within five years of honorable discharge, focusing the benefit on individuals most likely to be transitioning to civilian life and in need of economic opportunities.
Requires official documentation. Veterans must prove their eligibility according to rules set by the Department of State, which may add an administrative step but ensures the benefit is reserved for those who qualify.
Applies to both citizens and lawful permanent residents. The bill is inclusive of veterans who are either U.S. citizens or lawful permanent residents, broadening access to the exemption for a wider group of those who served.
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Who cares
Veterans undertaking business corporation actions
Qualifying New York residents who served during wartime would be exempt from fees under Business Corporation Law section 104-A within five years of an honorable discharge or release under honorable circumstances.
Veterans undertaking not-for-profit corporation actions
Qualifying veterans would receive the same five-year exemption from fees under Not-for-Profit Corporation Law section 104-A.
New York Department of State
The department’s commissioner would set rules for documenting eligible veteran status.
Headline styles
Waive Business Fees For Veterans
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
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.
Waive Corporation Fees for Veterans
In Senate Committee · Veterans, Homeland Security And Military Affairs · Sponsor Brad Hoylman-Sigal
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6835
2017-2018 Regular Sessions
IN ASSEMBLY
March 21, 2017
Introduced by M. of A. HUNTER -- read once and referred to the Committee on Corporations, Authorities and Commissions
AN ACT to amend the business corporations law and the not-for-profit corporation law, in relation to exempting veterans from the payment of certain fees relating to corporations
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The business corporation law is amended by adding a new section 104-B to read as follows: § 104-B. Veteran exemption from fees.
(a) As used in this section, "veteran" means a member of the armed forces of the United States who served therein in time of war, who was honorably discharged or released under honorable circumstances from such service, who is a citizen of the United States or an alien lawfully admitted for permanent residence in the United States and who is a resident of the state of New York at the time of undertaking an action subject to a fee pursuant to section one hundred four-A of this article.
(b) Notwithstanding any other provision of law, no veteran shall be required to pay the fees otherwise required by section one hundred four-A of this article within five years of being honorably discharged or released under honorable circumstances from military service.
(c) Status as an eligible veteran pursuant to this section shall be documented pursuant to rules and regulations promulgated by the commissioner of the department of state.
§ 2. The not-for-profit corporation law is amended by adding a new section 104-B to read as follows: § 104-B. Veteran exemption from fees.
(a) As used in this section, "veteran" means a member of the armed forces of the United States who served therein in time of war, who was honorably discharged or released under honorable circumstances from such service, who is a citizen of the United States or an alien lawfully
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05567-01-7
A. 6835 2
admitted for permanent residence in the United States and who is a resident of the state of New York at the time of undertaking an action subject to a fee pursuant to section one hundred four-A of this article.
(b) Notwithstanding any other provision of law, no veteran shall be required to pay the fees otherwise required by section one hundred four-A of this article within five years of being honorably discharged or released under honorable circumstances from military service.
(c) Status as an eligible veteran pursuant to this section shall be documented pursuant to rules and regulations promulgated by the commissioner of the department of state.
§ 3. This act shall take effect immediately.
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.