STATE OF NEW YORK
________________________________________________________________________
6920
2017-2018 Regular Sessions
IN SENATE
October 18, 2017
___________
Introduced by Sen. COMRIE -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
AN ACT to amend the tax law, in relation to establishing a combat veter-
an tax credit for entrepreneurs
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The tax law is amended by adding a new section 44 to read
2 as follows:
3 § 44. Combat veteran entrepreneur credit. (a) Allowance of credit. A
4 combat veteran entrepreneur, which is subject to tax under article
5 nine-A or twenty-two of this chapter and creates a new business, shall
6 be allowed a credit against such tax. The credit shall not be more than
7 five hundred dollars.
8 (b) Definitions. As used in this section, the following terms shall
9 have the following meanings:
10 (1) "Combat veteran" shall mean any individual who is a resident of
11 this state who has served in the armed forces of the United States in
12 hostilities that occurred after December sixth, nineteen hundred forty-
13 five, as evidenced by their receipt of an Armed Forces Expeditionary
14 Medal, Navy Expeditionary Medal, or Marine Corps Expeditionary Medal and
15 who was discharged under honorable conditions, including but not limited
16 to honorable discharge, discharge under honorable conditions, or general
17 discharge.
18 (2) "Entrepreneur" shall mean any person who organizes and operates a
19 business or businesses.
20 (c) Cross-references. For application of the credit provided for in
21 this section, see the following provisions of this chapter:
22 (1) article 9-A: section 210-B, subdivision 28.
23 (2) article 22: section 606, subsection (a-3).
24 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
25 sion 28 to read as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13483-01-7
S. 6920 2
1 28. Combat veteran entrepreneur credit. (a) Allowance of credit. A
2 combat veteran entrepreneur will be allowed a credit, to be computed as
3 provided in section forty-four of this chapter, against the tax imposed
4 by this article.
5 (b) Application of credit. The credit allowed under this subdivision
6 for any taxable year may not reduce the tax due for such year to less
7 than the higher of the amounts prescribed in paragraph (d) of subdivi-
8 sion one of section two hundred ten of this article. However, if the
9 amount of credit allowed under this subdivision for any taxable year
10 reduces the tax to such amount, any amount of credit thus not deductible
11 in such taxable year will be treated as an overpayment of tax to be
12 credited or refunded in accordance with the provisions of section one
13 thousand eighty-six of this chapter. Provided, however, the provisions
14 of subsection (c) of section one thousand eighty-eight of this chapter
15 notwithstanding, no interest will be paid thereon.
16 § 3. Section 606 of the tax law is amended by adding a new subsection
17 (a-3) to read as follows:
18 (a-3) Combat veteran entrepreneur credit. (1) A combat veteran entre-
19 preneur will be allowed a credit, to the extent allowed under section
20 forty-four of this chapter, against the tax imposed by this article.
21 (2) Application of credit. If the amount of the credit allowed under
22 this subsection for any taxable year exceeds the taxpayer's tax for such
23 year, the excess will be treated as an overpayment of tax to be credited
24 or refunded in accordance with the provisions of section six hundred
25 eighty-six of this article, provided, however, that no interest will be
26 paid thereon.
27 § 4. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
28 of the tax law is amended by adding a new clause (xliv) to read as
29 follows:
30 (xliv) Combat veteran entrepreneurAmount of credit under
31 credit under subsection (a-3)subdivision twenty-eight of
32 section two hundred ten-B
33 § 5. This act shall take effect immediately.
