BILL NUMBER: S7446
SPONSOR: HOYLMAN-SIGAL
 
TITLE OF BILL:
An act to amend the business corporation law and the not-for-profit
corporation law, in relation to exempting veterans from the payment of
certain fees relating to corporations
 
PURPOSE OR GENERAL IDEA OF BILL:
This legislation would exempt veterans from paying certain filing fees
relating to the incorporation of a business.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 of the bill adds a new section 104-B to the business corpo-
ration law to exempt veterans from certain fees outlined in section
104-A of the business corporation law within five years of being honor-
ably discharged from military service, receiving confirmation of a qual-
ifying condition from the New York State Division of Veterans' Services
(DVS), or receiving confirmation of their status as a discharged LGBT
Veteran from DVS pursuant to the Restoration of Honor Act.
Section 2 of the bill adds a new section 104-B to the not-for-profit
corporation law to exempt veterans from certain fees outlined in section
104-A of the not-for-profit corporation law within five years of being
honorably discharged from military service, receiving confirmation of a
qualifying condition from the New York State Division of Veterans'
Services (DVS), or receiving confirmation of their status as a
discharged LGBT Veteran from DVS pursuant to the Restoration of Honor
Act.
Section 3 of the bill provides the effective date.
 
JUSTIFICATION:
Veterans of our nation's armed services provide an extraordinary service
to our country by devoting their time, effort, and talents to protecting
us from harm. We owe it to them to make sure that when their service is
up, they are easily able to reintegrate into society and are given every
opportunity to succeed, provide for themselves and their families, and
contribute to New York's vibrant business community.
This legislation would waive business incorporation fees for veterans
within five years of being honorably discharged from military service,
receiving confirmation of a qualifying condition from the New York State
Division of Veterans' Services (DVS), or receiving confirmation of their
status as a discharged LGBT Veteran from DVS pursuant to the Restoration
of Honor Act, so that they will face fewer administrative and financial
barriers to starting and growing their own businesses when their mili-
tary service is finished.
It would send a strong message that New York State supports those indi-
viduals who have made an extraordinary sacrifice for their state and
country, and encourage the growth of small businesses in our state.
 
PRIOR LEGISLATIVE HISTORY:
S.3306 of 2023-2024 (Hoylman-Sigal): Passed Senate / Died in Veterans,
Homeland Security and Military Affairs
A.1354 of 2023-2024 (Hunter): Died in Corporations, Authorities and
Commissions
S.1504 of 2021-2022 (Hoylman): Passed Senate / Died in Corporations,
Authorities, & Commissions
A.7317 of 2021-2022 (Hunter): Died in Corporations, Authorities, &
Commissions
S.0595-A of 2019-2020 (Hoylman): Died in Veteran, Homeland Security and
Military Affairs
A.2121-A of 2019-2020 (Hunter): Died in Corporations, Authorities and
Commissions
S.0216 of 2017-2018 (Hoylman): Died in Veterans
A.6835 of 2017-2018 (Hunter): Died in Corporations, Authorities &
Commissions
S.5529-A of 2015-2016 (Hoylman): Died in Corporations, Authorities, &
Commissions
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect on the one hundred eightieth day after it
shall have become a law.