What's happening
This bill exempts honorably discharged veterans residing in New York from certain business and not-for-profit corporation fees for five years.
Why it matters
Reduces barriers for veteran entrepreneurs. By eliminating certain business formation fees, the bill makes it easier and less costly for honorably discharged veterans to start new businesses or nonprofits in New York within five years of leaving the military.
Targets early transition period. The five-year window is significant because it focuses the benefit on the period when veterans are most likely to be transitioning to civilian life and may need extra support establishing financial stability and new careers.
Potentially increases veteran-owned entities. This exemption could encourage more veterans to formalize business or nonprofit ventures, potentially leading to increased veteran representation in the state's economic and civic sectors.
Requires clear documentation and oversight. The bill mandates that the state develop rules for verifying veteran status, which could help ensure the exemption is used appropriately but may add a layer of administrative process for applicants.
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Who cares
Headline styles
Waive Corporation Fees for Veterans
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to veterans, homeland security and military affairs
- Referred to veterans, homeland security and military affairs
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 Business Fees For Veterans
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Pamela J. Hunter
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
116
2017-2018 Regular Sessions
IN SENATE (Prefiled)
January 4, 2017
Introduced by Sen. HOYLMAN -- read twice and ordered printed, and when printed to be committed to the Committee on Veterans, Homeland Security and Military Affairs
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
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05567-01-7
S. 116 2
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.
§ 3. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
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
Purpose or general idea of bill
This legislation would exempt veterans from paying certain filing fees relating to the incorporation of a business.
Summary of specific provisions
Section 1 of the bill adds a new section 104-B to the business corporation law to exempt veterans from certain fees outlined in section 104-A of the business corporation law within five years of being honorably discharged or released under honorable circumstances, and includes the definition of the word "veteran" as used in the new section.
Section 2 of the bill adds a new section 104-B to the not-for-profit corporation law to exempt veterans from certain fees outlined in section 104A of the not-for-profit corporation law within five years of being honorably discharged or released under honorable circumstances, and includes the definition of the word "veteran" as used in the new section.
Section 3 of the bill provides that this act shall take effect immediately.
Justification
Veterans of our nation's armed services provide an extraordinary service to our country by devoting their time, effort, and talents to protecting us from harm. We owe it to them to make sure that when their service is up, they are easily able to reintegrate into society and are given every opportunity to succeed, provide for themselves and their families, and contribute to New York's vibrant business community.
This legislation would waive business incorporation fees for veterans within five years of being honorably discharged or released under honorable circumstances, so that they will face fewer administrative and financial barriers to starting and growing their own businesses when their military service is finished. It would send a strong message that New York State supports those individuals who have made an extraordinary sacrifice for their state and country, and encourage the growth of small businesses in our state.
Prior legislative history
S.5529-A of 2015-2016 (Hoylman): Died in Corporations, Authorities, & Commissions
Fiscal implications
Minimal.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.