Bill > A05467

This bill establishes a returning veterans tax credit for businesses that hire veterans and disabled veterans. The tax credit is worth $3,000 per veteran hired or $4,000 per disabled veteran hired, with a total annual benefit not exceeding $15,000. The credit can be claimed for new employees who work at least 35 hours per week (or 17.5 hours per week for disabled veterans) and remain employed for at least 12 months. The credit can be carried over for up to 10 successive tax years. The bill defines key terms such as "new employee," "base year," and "veteran" and "disabled veteran" as used in the civil service law. The bill would take effect immediately and apply to tax years beginning on or after January 1, 2022 for employees hired after the bill's effective date.