What's happening
This bill creates a $200 personal income tax credit for Cold War veterans who own property, unless they already receive a similar property tax exemption.
Why it matters
Targets a specific group. The bill specifically benefits Cold War veterans who own tangible real property, recognizing their service and providing them with a financial incentive that other veterans’ legislation may not cover.
Direct financial impact. By offering a $200 refundable tax credit, the bill can provide meaningful annual relief to eligible veterans, potentially making homeownership or property maintenance more affordable.
Avoids double-dipping. The bill ensures that veterans who already receive a Cold War property tax exemption cannot claim this new credit as well, targeting the benefit to those not already receiving similar tax relief.
Refundable credit. Even if a veteran owes little or no state income tax, any unused portion of the $200 credit will be refunded to them, increasing the accessibility and reach of this benefit compared to non-refundable credits.
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Who cares
Headline styles
Tax Credit for Cold War Veterans
Plain English, a few words. Used as the page title.
Sponsors
3 Multi-sponsors
History
- Referred to ways and means
- Referred to ways and means
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
888
2017-2018 Regular Sessions
IN ASSEMBLY
January 9, 2017
Introduced by M. of A. GUNTHER, COLTON, HAWLEY, GRAF, STEC -- Multi- Sponsored by -- M. of A. COOK, CROUCH, LOPEZ, PERRY -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing personal income tax credits for cold war veterans who own tangible real property
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 606 of the tax law is amended by adding a new subsection (e-3) to read as follows:
(e-3) Cold war veteran's tax credit. (1) For taxable years beginning on January first, two thousand nineteen, a resident taxpayer who is a cold war veteran as defined in paragraph (a) of subdivision one of section four hundred fifty-eight-b of the real property tax law shall be allowed a credit against the tax imposed by this article equal to two hundred dollars.
(2) If a taxpayer receives a real property tax exemption relating to such status under section four hundred fifty-eight-b of the real property tax law, such taxpayer shall not be eligible for this credit.
(3) If the amount of the credit allowed under this subsection for any taxable year shall exceed the taxpayer's tax for such year, the excess shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section six hundred eighty-six of this article, provided however, that no interest shall be paid thereon.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02596-01-7
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.