S01707 Summary:

BILL NO    S01707A

SAME AS    SAME AS A04098-A

SPONSOR    GRISANTI

COSPNSR    AVELLA, BONACIC, GOLDEN, LARKIN, MAZIARZ, O'MARA, SEWARD

MLTSPNSR   

Amd SS210 & 606, Tax L

Establishes a returning veterans tax credit for businesses that hire veterans
and disabled veterans; provides that such tax credit is worth $3,000 per
veteran hired or $4,000 for every disabled veteran hired and the total benefit
shall not exceed $15,000 annually.
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S01707 Actions:

BILL NO    S01707A

01/09/2013 REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
10/09/2013 AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
10/09/2013 PRINT NUMBER 1707A
01/08/2014 REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
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S01707 Votes:

There are no votes for this bill in this legislative session.
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S01707 Memo:

Memo not available
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S01707 Text:

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                        1707--A

                              2013-2014 Regular Sessions

                                   I N  S E N A T E

                                      (PREFILED)

                                    January 9, 2013
                                      ___________

       Introduced  by Sens. GRISANTI, AVELLA, BONACIC, GOLDEN, LARKIN, MAZIARZ,
         O'MARA, SEWARD -- read twice and ordered printed, and when printed  to
         be  committed  to the Committee on Investigations and Government Oper-
         ations -- 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 returning
         veterans tax credit for businesses that hire 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 48 to read as follows:
    3    48. 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.

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05148-02-3
       S. 1707--A                          2

    1    (D)  DEFINITIONS.  AS  USED  IN  THIS SUBDIVISION, THE FOLLOWING TERMS
    2  SHALL HAVE THE FOLLOWING MEANINGS:
    3    (I)  "NEW  EMPLOYEE" SHALL MEAN ANY FULL TIME EMPLOYEE THAT CAUSES THE
    4  TOTAL NUMBER OF EMPLOYEES TO INCREASE ABOVE BASE  EMPLOYMENT  OR  CREDIT
    5  EMPLOYMENT, WHICHEVER IS HIGHER.
    6    (II) "BASE YEAR" SHALL MEAN CALENDAR YEAR TWO THOUSAND TWELVE.
    7    (III)  "BASE  EMPLOYMENT"  SHALL  MEAN THE AVERAGE NUMBER OF FULL TIME
    8  EMPLOYEES OR FULL TIME EQUIVALENT EMPLOYEES DURING THE BASE YEAR. FOR  A
    9  NEW BUSINESS, BASE EMPLOYMENT SHALL BEGIN AT ZERO.
   10    (IV) "CREDIT EMPLOYMENT" SHALL MEAN BASE EMPLOYMENT PLUS THE NUMBER OF
   11  NEW EMPLOYEES FOR WHICH A CREDIT IS EARNED FOR THE PRIOR TAX YEARS.
   12    (V)  "VETERAN"  SHALL  HAVE  THE  SAME MEANING AS SET FORTH IN SECTION
   13  EIGHTY-FIVE OF THE CIVIL SERVICE LAW.
   14    (VI) "DISABLED VETERAN" SHALL HAVE THE SAME MEANING AS  SET  FORTH  IN
   15  SECTION EIGHTY-FIVE OF THE CIVIL SERVICE LAW.
   16    S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
   17  of the tax law is amended by adding a new clause  (xxxvii)  to  read  as
   18  follows:
   19  (XXXVII) RETURNING VETERAN TAX       COSTS UNDER SUBDIVISION
   20  CREDIT; SUBSECTION (XX)              FORTY-EIGHT OF SECTION
   21                                       TWO HUNDRED TEN
   22    S  3. Section 606 of the tax law is amended by adding a new subsection
   23  (xx) to read as follows:
   24    (XX) RETURNING VETERANS TAX CREDIT. (1) GENERAL. A TAXPAYER  SHALL  BE
   25  ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST
   26  THE  TAX  IMPOSED  BY  THIS ARTICLE FOR EACH VETERAN OR DISABLED VETERAN
   27  HIRED DURING A TAXABLE YEAR, PROVIDED THAT:
   28    (I) SUCH VETERAN IS A NEW EMPLOYEE AND  IS  EMPLOYED  FOR  THIRTY-FIVE
   29  HOURS  OR  MORE  PER WEEK AND REMAINS IN THE EMPLOY OF SUCH TAXPAYER FOR
   30  TWELVE MONTHS OR MORE; OR
   31    (II) SUCH DISABLED VETERAN IS A  NEW  EMPLOYEE  AND  IS  EMPLOYED  FOR
   32  SEVENTEEN  AND ONE-HALF HOURS OR MORE PER WEEK AND REMAINS IN THE EMPLOY
   33  OF SUCH TAXPAYER FOR TWELVE MONTHS OR MORE.
   34    (2) AMOUNT OF CREDIT. A CREDIT AUTHORIZED BY THIS SECTION SHALL  EQUAL
   35  THREE  THOUSAND  DOLLARS PER HIRED VETERAN AND FOUR THOUSAND DOLLARS PER
   36  HIRED DISABLED VETERAN BUT SHALL NOT  EXCEED  FIFTEEN  THOUSAND  DOLLARS
   37  ANNUALLY.
   38    (3)  CARRYOVERS.  THE  CREDIT  ALLOWED  UNDER  THIS  SUBSECTION MAY BE
   39  CLAIMED AND IF NOT FULLY USED IN THE INITIAL YEAR FOR WHICH  THE  CREDIT
   40  IS  CLAIMED MAY BE CARRIED OVER, IN ORDER, TO EACH OF THE TEN SUCCEEDING
   41  TAXABLE YEARS. THE CREDIT AUTHORIZED BY THIS SUBSECTION MAY NOT BE  USED
   42  TO REDUCE THE TAX LIABILITY OF THE CREDIT CLAIMANT BELOW ZERO.
   43    (4) DEFINITIONS. AS USED IN THIS SUBSECTION, THE FOLLOWING TERMS SHALL
   44  HAVE THE FOLLOWING MEANINGS:
   45    (I)  "NEW  EMPLOYEE" SHALL MEAN ANY FULL TIME EMPLOYEE THAT CAUSES THE
   46  TOTAL NUMBER OF EMPLOYEES TO INCREASE ABOVE BASE  EMPLOYMENT  OR  CREDIT
   47  EMPLOYMENT, WHICHEVER IS HIGHER.
   48    (II) "BASE YEAR" SHALL MEAN CALENDAR YEAR TWO THOUSAND TWELVE.
   49    (III)  "BASE  EMPLOYMENT"  SHALL  MEAN THE AVERAGE NUMBER OF FULL TIME
   50  EMPLOYEES OR FULL TIME EQUIVALENT EMPLOYEES DURING THE BASE YEAR. FOR  A
   51  NEW BUSINESS, BASE EMPLOYMENT SHALL BEGIN AT ZERO.
   52    (IV) "CREDIT EMPLOYMENT" SHALL MEAN BASE EMPLOYMENT PLUS THE NUMBER OF
   53  NEW EMPLOYEES FOR WHICH A CREDIT IS EARNED FOR THE PRIOR TAX YEARS.
   54    (V)  "VETERAN"  SHALL  HAVE  THE  SAME MEANING AS SET FORTH IN SECTION
   55  EIGHTY-FIVE OF THE CIVIL SERVICE LAW.
       S. 1707--A                          3

    1    (VI) "DISABLED VETERAN" SHALL HAVE THE SAME MEANING AS  SET  FORTH  IN
    2  SECTION EIGHTY-FIVE OF THE CIVIL SERVICE LAW.
    3    S 4. This act shall take effect immediately and shall apply to taxable
    4  years  beginning  on  or  after January 1, 2014 and shall apply to those
    5  employees hired after this act shall take effect.
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