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S02230 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2230
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                    January 23, 2019
                                       ___________
 
        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Veterans, Homeland Securi-
          ty and Military Affairs
 
        AN ACT to amend the tax law, in relation  to  establishing  a  returning
          veterans  tax  credit  for  businesses that hire veterans and disabled
          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. Returning veterans tax credit. (a) General. A  taxpayer  shall  be
     4  allowed  a  credit,  to  be  computed  as  provided in this subdivision,
     5  against the tax imposed by this article for  each  veteran  or  disabled
     6  veteran hired during a taxable year, provided that:
     7    (i)  such  veteran  is  a new employee and is employed for thirty-five
     8  hours or more per week and remains in the employ of  such  taxpayer  for
     9  twelve months or more; or
    10    (ii)  such  disabled  veteran  is  a  new employee who is employed for
    11  seventeen and one-half hours or more per week and remains in the  employ
    12  of such taxpayer for twelve months or more.
    13    (b)  Amount of credit. A credit authorized by this section shall equal
    14  three thousand dollars per hired veteran and four thousand  dollars  per
    15  hired  disabled  veteran  but  shall not exceed fifteen thousand dollars
    16  annually.
    17    (c) Carryovers. The credit  allowed  under  this  subdivision  may  be
    18  claimed  and  if not fully used in the initial year for which the credit
    19  is claimed may be carried over, in order, to each of the ten  succeeding
    20  taxable years. The credit authorized by this subdivision may not be used
    21  to reduce the tax liability of the credit claimant below zero.
    22    (d)  Definitions.  As  used  in  this subdivision, the following terms
    23  shall have the following meanings:
    24    (i) "New employee" shall mean any full time employee that  causes  the
    25  total  number  of  employees to increase above base employment or credit
    26  employment, whichever is higher.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08140-01-9

        S. 2230                             2
 
     1    (ii) "Base year" shall mean calendar year two thousand nineteen.
     2    (iii)  "Base  employment"  shall  mean the average number of full time
     3  employees or full time equivalent employees during the base year. For  a
     4  new business, base employment shall begin at zero.
     5    (iv) "Credit employment" shall mean base employment plus the number of
     6  new employees for which a credit is earned for the prior tax years.
     7    (v)  "Veteran"  shall  have  the  same meaning as set forth in section
     8  eighty-five of the civil service law.
     9    (vi) "Disabled veteran" shall have the same meaning as  set  forth  in
    10  section eighty-five of the civil service law.
    11    §  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    12  of the tax law is amended by adding a  new  clause  (xliv)  to  read  as
    13  follows:
    14  (xliv) Returning veterans tax        Costs under subdivision
    15  credit; subsection (jjj)             fifty-three of section
    16                                       two hundred ten-B
    17    §  3. Section 606 of the tax law is amended by adding a new subsection
    18  (jjj) to read as follows:
    19    (jjj) Returning veterans tax credit. (1) General. A taxpayer shall  be
    20  allowed a credit, to be computed as provided in this subsection, against
    21  the  tax  imposed  by  this article for each veteran or disabled veteran
    22  hired during a taxable year, provided that:
    23    (i) such veteran is a new employee and  is  employed  for  thirty-five
    24  hours  or  more  per week and remains in the employ of such taxpayer for
    25  twelve months or more; or
    26    (ii) such disabled veteran is a  new  employee  and  is  employed  for
    27  seventeen  and one-half hours or more per week and remains in the employ
    28  of such taxpayer for twelve months or more.
    29    (2) Amount of credit. A credit authorized by this section shall  equal
    30  three  thousand  dollars per hired veteran and four thousand dollars per
    31  hired disabled veteran but shall not  exceed  fifteen  thousand  dollars
    32  annually.
    33    (3)  Carryovers.  The  credit  allowed  under  this  subsection may be
    34  claimed and if not fully used in the initial year for which  the  credit
    35  is  claimed may be carried over, in order, to each of the ten succeeding
    36  taxable years. The credit authorized by this subsection may not be  used
    37  to reduce the tax liability of the credit claimant below zero.
    38    (4) Definitions. As used in this subsection, the following terms shall
    39  have the following meanings:
    40    (i)  "New  employee" shall mean any full time employee that causes the
    41  total number of employees to increase above base  employment  or  credit
    42  employment, whichever is higher.
    43    (ii) "Base year" shall mean calendar year two thousand nineteen.
    44    (iii)  "Base  employment"  shall  mean the average number of full time
    45  employees or full time equivalent employees during the base year. For  a
    46  new business, base employment shall begin at zero.
    47    (iv) "Credit employment" shall mean base employment plus the number of
    48  new employees for which a credit is earned for the prior tax years.
    49    (v)  "Veteran"  shall  have  the  same meaning as set forth in section
    50  eighty-five of the civil service law.
    51    (vi) "Disabled veteran" shall have the same meaning as  set  forth  in
    52  section eighty-five of the civil service law.
    53    § 4. This act shall take effect immediately and shall apply to taxable
    54  years  beginning  on  or  after January 1, 2020 and shall apply to those
    55  employees hired after this act shall take effect.
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