BILL NUMBER: S910
SPONSOR: SANDERS
 
TITLE OF BILL:
An act to amend the tax law, in relation to establishing a returning
veterans tax credit for businesses that hire veterans and disabled
veterans
 
PURPOSE:
To provide tax credits for businesses that hire veterans and disabled
veterans.
 
SUMMARY OF PROVISIONS:
Section 1 amends section 210-B of the tax law to add a new subdivision
52 which provides for a returning veterans tax credit. The amount of the
credit shall equal three thousand dollars per hired veteran and four
thousand dollars per hired wounded veteran, not to exceed fifteen thou-
sand dollars annually.
Section 2 amends subparagraph (B) of paragraph 1 of subsection (i) of
section 606 of the tax law by adding a new clause (xliii).
Section 3 amends section 606 of the tax law by adding a new subsection
(ccc) which provides for a returning veterans tax credit.
 
EXISTING LAW:
New Law
 
JUSTIFICATION:
Veterans across New York State are struggling to find employment in
private sector industries hit hard by the recession. Unemployment among
all veterans in New York is over 7 percent. Unemployment has reached a
staggering 20 percent for veterans under the age of 30 who recently
returned home from Iraq and Afghanistan. According to the Bureau of
Labor Statistics, a significant number of recently returned veterans
have reported service-connected disabilities.
Our servicemen and women put their lives on the line to protect our
freedom. We are therefore responsible for enhancing their economic
opportunities to provide for themselves and for their families when they
return home. This bill will achieve this by providing tax relief to
businesses that hire returning and wounded veterans.
 
LEGISLATIVE HISTORY:
2022 SENATE: REPORTED AND COMMITTED TO FINANCE
2022 Assembly: referred to ways and means 2021 SENATE: REFERRED TO BUDG-
ET AND, REVENUE
2021 Assembly: referred to ways and means
2019-20 SENATE: REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY
AFFAIRS
2017-18 SENATE: REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY
AFFAIRS
2016 SENATE: REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY
AFFAIRS
 
FISCAL IMPLICATIONS:
Undetermined
 
LOCAL FISCAL IMPLICATIONS:
None
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S910: 210-B tax law, 606 tax law, 606(i) tax law