Bill Text: NY S04708 | 2019-2020 | General Assembly | Introduced


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

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced) 2019-03-21 - REFERRED TO BUDGET AND REVENUE [S04708 Detail]

Download: New_York-2019-S04708-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          4708
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 21, 2019
                                       ___________
        Introduced  by  Sens.  PARKER, ADDABBO, BAILEY, COMRIE -- read twice and
          ordered printed, and when printed to be committed to the Committee  on
          Budget and Revenue
        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 53 to read as follows:
     3    53. 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.
                                                                   LBD09530-01-9

        S. 4708                             2
     1    § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
     2  of  the  tax  law  is  amended  by adding a new clause (xliv) to read as
     3  follows:
     4  (xliv) Small business tax credit;    Costs under subdivision
     5  unemployed veteran                   fifty-three of section
     6  under subsection (jjj)               two hundred ten-b
     7    §  3. Section 606 of the tax law is amended by adding a new subsection
     8  (jjj) to read as follows:
     9    (jjj) 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    § 4. This act shall take effect immediately and shall apply to taxable
    31  years beginning on or after January 1, 2019.
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