What's happening
This bill provides a state income tax credit to New York National Guard and Reserve veterans for certain home loan fees.
Why it matters
Targets a financial gap. The bill specifically addresses the higher fees National Guard and Reserve veterans pay (compared to active duty veterans) when using federal home loan guarantee programs, potentially making home buying more affordable for these groups.
Expands support to under-recognized veterans. By defining eligible veterans as those from the New York National Guard or military reserves with honorable service during specified periods of war or certain military operations, the bill recognizes and supports a segment that may not always receive equivalent benefits to active duty counterparts.
Promotes homeownership among veterans. By offering a tax credit equal to three-quarters of one percent of the fee differential, the bill may encourage more Guard and Reserve veterans to utilize VA-backed home loans, thus promoting financial stability and homeownership within this population.
Retroactive service eligibility. The detailed list of qualifying military operations and conflicts ensures that veterans from a broad range of service periods are eligible, not just those from recent conflicts, potentially benefiting older veterans who may have previously been excluded.
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Who cares
Headline styles
Tax Break for Guard Vets
Plain English, a few words. Used as the page title.
Sponsors
History
- Held for consideration in ways and means
- Referred to ways and means
- Referred to ways and means
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2174
2019-2020 Regular Sessions
IN ASSEMBLY
January 22, 2019
Introduced by M. of A. HAWLEY, KOLB, BARCLAY, DiPIETRO, BRABENEC, JOHNS, ASHBY -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing a tax credit in the amount of certain fees charged in connection with loans under the federal home loan guarantee program to national guard and reserve veterans
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 (jjj) to read as follows:
(jjj) Credit for certain fees paid to the federal home loan mortgage corporation. 1. An eligible taxpayer shall be allowed a credit against the tax imposed by this article which is equal to the three-quarters of one percent difference between fees charged to veterans of the national guard or armed forces reserves and the same fees charged to eligible active duty veterans, under loan or loan guarantee programs administered or funded by the federal home loan mortgage corporation. For the purposes of this section an eligible taxpayer shall be a veteran of the New York national guard or military reserve.
2. For purposes of this subsection, "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.
3. For the purposes of this subsection, "service during time of war" shall mean:
(i) The individual in question was a recipient of the armed forces expeditionary medal, the navy expeditionary medal or the marine corps expeditionary medal for participation in operations in Lebanon from June first, nineteen hundred eighty-three to December first, nineteen hundred
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02234-01-9
A. 2174 2
eighty-seven, in Grenada from October twenty-third, nineteen hundred eighty-three to November twenty-first, nineteen hundred eighty-three, or in Panama from December twentieth, nineteen hundred eighty-nine to January thirty-first, nineteen hundred ninety; or
(ii) The individual served on active duty for ninety days or more in the armed forces of the United States during any one of the following wars or hostilities:
(1) in the Spanish-American war from the twenty-first day of April, eighteen hundred ninety-eight to the eleventh day of April, eighteen hundred ninety-nine, inclusive;
(2) in the Philippine insurrection or the China relief expedition from the eleventh day of April, eighteen hundred ninety-nine to the fourth day of July, nineteen hundred two, inclusive;
(3) in the Mexican border campaign from the ninth day of May, nineteen hundred sixteen, to the fifth day of April, nineteen hundred seventeen, inclusive;
(4) in world war I from the sixth day of April, nineteen hundred seventeen to the eleventh day of November, nineteen hundred eighteen, inclusive;
(5) in world war II from the seventh day of December, nineteen hundred forty-one to the thirty-first day of December, nineteen hundred fortysix, inclusive;
(6) in the Korean hostilities from the twenty-seventh day of June, nineteen hundred fifty to the thirty-first day of January, nineteen hundred fifty-five, inclusive;
(7) in the Vietnam conflict from the twenty-second day of December, nineteen hundred sixty-one to the seventh day of May, nineteen hundred seventy-five;
(8) in the Persian Gulf conflict from the second day of August, nineteen hundred ninety to the end of such conflict.
§ 2. This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2021.
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.