Bill Text: NY S04548 | 2015-2016 | General Assembly | Amended
Bill Title: Establishes a small business tax credit for the employment of unemployed veterans.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-01-27 - PRINT NUMBER 4548A [S04548 Detail]
Download: New_York-2015-S04548-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 4548--A 2015-2016 Regular Sessions IN SENATE March 27, 2015 ___________ Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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-B of the tax law is amended by adding a new 2 subdivision 49 to read as follows: 3 49. 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- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00601-02-6
