Bill
Bill > S00910
NY S00910
NY S00910Establishes 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
01/08/2025
In Committee
01/08/2025
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)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.nysenate.gov/legislation/bills/2025/S910 |
BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S00910&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S00910 |
Loading...