Bill > A09672

This bill establishes a returning veterans tax credit for businesses that hire eligible veterans and disabled veterans, offering a $3,000 credit for each veteran hired and $4,000 for each disabled veteran hired, provided they are employed full-time for at least twelve months and are considered "new employees" meaning they increase the business's overall workforce above a defined baseline. The total credit a business can receive annually is capped at $15,000, and any unused credit can be carried forward for up to ten years, with the credit not reducing tax liability below zero. The bill defines "veteran" and "disabled veteran" by referencing existing sections of the civil service law and establishes a "base year" of 2026 for calculating "base employment," which is the average number of full-time employees or full-time equivalents during that year, with new businesses starting at zero base employment. This credit is intended to incentivize businesses to hire individuals who have served in the armed forces, with the provisions applying to taxable years beginning on or after January 1, 2027, for employees hired after the bill becomes law.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A9672