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Bill > S00910


NY S00910

NY S00910
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.


summary

Introduced
01/08/2025
In Committee
01/08/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 General Assembly

Bill Summary

AN ACT to amend the tax law, in relation to establishing a returning veterans tax credit for businesses that hire veterans and disabled veterans

AI Summary

This bill establishes a tax credit program for businesses that hire veterans and disabled veterans, providing financial incentives to encourage veteran employment. Specifically, businesses can receive a $3,000 tax credit for each veteran hired or a $4,000 tax credit for each disabled veteran hired, with a maximum annual benefit of $15,000. To qualify, veterans must be new employees working at least 35 hours per week for a full 12 months, while disabled veterans can qualify with at least 17.5 hours per week for the same duration. The credit is defined as a "new employee" who increases the total number of employees above the business's base employment level, with the base year set as 2023 for corporate taxpayers and 2025 for individual taxpayers. The definitions of "veteran" and "disabled veteran" are taken from section 85 of the civil service law. If a business does not use the full tax credit in a given year, they can carry the remaining credit forward for up to ten subsequent tax years, though the credit cannot reduce tax liability below zero. The bill will take effect immediately but will apply to taxable years beginning on or after January 1, 2026, and will only apply to employees hired after the act's effective date.

Committee Categories

Budget and Finance

Sponsors (2)

Last Action

REFERRED TO BUDGET AND REVENUE (on 01/08/2025)

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