Bill Text: NY S04336 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 4336 (Prior Session Legislation)

Bill Title: Establishes a small business tax credit for the employment of unemployed veterans.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-09 - PRINT NUMBER 4336A [S04336 Detail]

Download: New_York-2011-S04336-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4336
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    March 29, 2011
                                      ___________
       Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in relation to establishing a  small  busi-
         ness tax credit for the employment of unemployed veterans
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
    2  subdivision 43 to read as follows:
    3    43.  SMALL  BUSINESS  TAX CREDIT; UNEMPLOYED VETERANS.  (A) GENERAL. A
    4  TAXPAYER WHO HAS ONE HUNDRED EMPLOYEES OR LESS, SHALL BE ALLOWED A CRED-
    5  IT, TO BE COMPUTED AS PROVIDED IN  THIS  SUBDIVISION,  AGAINST  THE  TAX
    6  IMPOSED BY THIS ARTICLE FOR EACH UNEMPLOYED VETERAN HIRED DURING A TAXA-
    7  BLE  YEAR, PROVIDED THAT SUCH UNEMPLOYED VETERAN IS EMPLOYED FOR THIRTY-
    8  FIVE HOURS OR MORE PER WEEK AND REMAINS IN THE EMPLOY OF  SUCH  TAXPAYER
    9  FOR TWELVE MONTHS OR MORE.
   10    (B)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
   11  FIVE THOUSAND DOLLARS PER HIRED UNEMPLOYED VETERAN BUT SHALL NOT  EXCEED
   12  TWENTY-FIVE THOUSAND DOLLARS.
   13    (C)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER  THIS SUBDIVISION MAY BE
   14  CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH  THE  CREDIT
   15  IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
   16  TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBDIVISION MAY NOT BE USED
   17  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   18    (D) DEFINITIONS. AS USED IN THIS SUBDIVISION, THE TERM "VETERAN" SHALL
   19  MEAN  A  PERSON WHO SERVED IN THE ACTIVE MILITARY, NAVAL, OR AIR SERVICE
   20  DURING A PERIOD OF WAR, OR WHO WAS  A  RECIPIENT  OF  THE  ARMED  FORCES
   21  EXPEDITIONARY  MEDAL, NAVY EXPEDITIONARY MEDAL, MARINE CORPS EXPEDITION-
   22  ARY MEDAL, OR GLOBAL WAR ON TERRORISM EXPEDITIONARY MEDAL, AND  WHO  WAS
   23  DISCHARGED OR RELEASED THEREFROM UNDER HONORABLE CONDITIONS.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10509-01-1
       S. 4336                             2
    1    S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    2  of the tax law is amended by adding a new  clause  (xxxii)  to  read  as
    3  follows:
    4  (XXXII) SMALL BUSINESS TAX CREDIT;   COSTS UNDER SUBDIVISION
    5  UNEMPLOYED VETERAN                   FORTY-THREE OF SECTION
    6  SUBSECTION (SS)                      TWO HUNDRED TEN
    7    S 3.  Section 606 of the tax law is amended by adding a new subsection
    8  (ss) to read as follows:
    9    (SS)  SMALL  BUSINESS  TAX CREDIT; UNEMPLOYED VETERANS. (1) GENERAL. A
   10  TAXPAYER WHO HAS ONE HUNDRED EMPLOYEES OR LESS, SHALL BE ALLOWED A CRED-
   11  IT, TO BE COMPUTED AS PROVIDED  IN  THIS  SUBSECTION,  AGAINST  THE  TAX
   12  IMPOSED BY THIS ARTICLE FOR EACH UNEMPLOYED VETERAN HIRED DURING A TAXA-
   13  BLE  YEAR, PROVIDED THAT SUCH UNEMPLOYED VETERAN IS EMPLOYED FOR THIRTY-
   14  FIVE HOURS OR MORE PER WEEK AND REMAINS IN THE EMPLOY OF  SUCH  TAXPAYER
   15  FOR TWELVE MONTHS OR MORE.
   16    (2)  AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL EQUAL
   17  FIVE THOUSAND DOLLARS PER HIRED UNEMPLOYED VETERAN BUT SHALL NOT  EXCEED
   18  TWENTY-FIVE THOUSAND DOLLARS.
   19    (3)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER  THIS  SUBSECTION MAY BE
   20  CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH  THE  CREDIT
   21  IS CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE FIVE SUCCEEDING
   22  TAXABLE  YEARS. THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE USED
   23  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   24    (4) DEFINITIONS. AS USED IN THIS SUBSECTION, THE TERM "VETERAN"  SHALL
   25  MEAN  A  PERSON WHO SERVED IN THE ACTIVE MILITARY, NAVAL, OR AIR SERVICE
   26  DURING A PERIOD OF WAR, OR WHO WAS  A  RECIPIENT  OF  THE  ARMED  FORCES
   27  EXPEDITIONARY  MEDAL, NAVY EXPEDITIONARY MEDAL, MARINE CORPS EXPEDITION-
   28  ARY MEDAL, OR GLOBAL WAR ON TERRORISM EXPEDITIONARY MEDAL, AND  WHO  WAS
   29  DISCHARGED OR RELEASED THEREFROM UNDER HONORABLE CONDITIONS.
   30    S 4. This act shall take effect immediately and shall apply to taxable
   31  years beginning on or after January 1, 2012.