Bill > S03420

This bill provides a tax credit for New York 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 veterans to claim a tax credit equal to three-quarters of one percent of the difference in fees charged to National Guard or reserve veterans compared to active duty veterans. The bill defines a "veteran" as someone who served during a period of war or received certain military expeditionary medals and was discharged under honorable conditions. The definition of "service during time of war" is extensively detailed, covering various conflicts from the Spanish-American War through the Persian Gulf conflict, including specific dates for each war or military engagement. The tax credit will become effective for taxable years beginning on or after January 1, 2027, and aims to provide financial relief to National Guard and reserve veterans by offsetting the additional loan fees they may incur compared to active duty veterans.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S3420