Bill > A02337

This bill amends the New York state tax law to provide a tax credit for National Guard and military reserve veterans who are charged higher fees for loans under the federal home loan mortgage corporation's loan guarantee programs. Specifically, the bill allows eligible New York National Guard or military reserve veterans to claim a tax credit equal to three-quarters of one percent difference between fees charged to them and fees charged to eligible active duty veterans. The bill provides detailed definitions of what constitutes a veteran, including service during specific periods of war or conflict, such as World War II, the Korean War, Vietnam, and the Persian Gulf conflict. To qualify, a veteran must have served on active duty for at least 90 days during specified conflicts or received certain expeditionary medals, and must have been discharged under honorable conditions. The tax credit will take effect for taxable years beginning on or after January 1, 2027, providing financial relief to National Guard and reserve veterans who may face higher loan fees compared to active duty service members.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2337