New York A 3238: Establishes a returning veterans tax credit for businesses that hire veterans and disabled veterans

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A03238 Summary:

BILL NOA03238 

&nbsp

SAME ASSAME AS S00910

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SPONSORJones

&nbsp

COSPNSR

&nbsp

MLTSPNSR

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Amd §§210-B & 606, Tax L

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Establishes a returning veterans tax credit for businesses that hire veterans and disabled veterans; provides that such tax credit is worth $3,000 per veteran hired or $4,000 for every disabled veteran hired and the total benefit shall not exceed $15,000 annually.

Go to top A03238 Actions:

BILL NOA03238 

&nbsp

01/27/2025referred to ways and means

09/08/2025enacting clause stricken

Go to topA03238 Committee&nbspVotes:

Go to topA03238 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA03238 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3238

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 27, 2025
 ___________

 Introduced by M. of A. JONES -- read once and referred to the Committee
 on Ways and Means

 AN ACT to amend the tax law, in relation to establishing a returning
 veterans tax credit for businesses that hire veterans and disabled
 veterans

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 210-B of the tax law is amended by adding a new
 2 subdivision 61 to read as follows:
 3 61. Returning veterans tax credit. (a) General. A taxpayer shall be
 4 allowed a credit, to be computed as provided in this subdivision,
 5 against the tax imposed by this article for each veteran or disabled
 6 veteran hired during a taxable year, provided that:
 7 (i) such veteran is a new employee and is employed for thirty-five
 8 hours or more per week and remains in the employ of such taxpayer for
 9 twelve months or more; or
 10 (ii) such disabled veteran is a new employee who is employed for
 11 seventeen and one-half hours or more per week and remains in the employ
 12 of such taxpayer for twelve months or more.
 13 (b) Amount of credit. A credit authorized by this section shall equal
 14 three thousand dollars per hired veteran and four thousand dollars per
 15 hired disabled veteran but shall not exceed fifteen thousand dollars
 16 annually.
 17 (c) Carryovers. The credit allowed under this subdivision may be
 18 claimed and if not fully used in the initial year for which the credit
 19 is claimed may be carried over, in order, to each of the ten succeeding
 20 taxable years. The credit authorized by this subdivision may not be used
 21 to reduce the tax liability of the credit claimant below zero.
 22 (d) Definitions. As used in this subdivision, the following terms
 23 shall have the following meanings:
 24 (i) "New employee" shall mean any full time employee that causes the
 25 total number of employees to increase above base employment or credit
 26 employment, whichever is higher.
 27 (ii) "Base year" shall mean calendar year two thousand twenty-three.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03038-01-5

 A. 3238 2

 1 (iii) "Base employment" shall mean the average number of full time
 2 employees or full time equivalent employees during the base year. For a
 3 new business, base employment shall begin at zero.
 4 (iv) "Credit employment" shall mean base employment plus the number of
 5 new employees for which a credit is earned for the prior tax years.
 6 (v) "Veteran" shall have the same meaning as set forth in section
 7 eighty-five of the civil service law.
 8 (vi) "Disabled veteran" shall have the same meaning as set forth in
 9 section eighty-five of the civil service law.
 10 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 11 of the tax law is amended by adding a new clause (lii) to read as
 12 follows:
 13 (lii) Returning veterans tax Costs under subdivision
 14 credit; subsection (qqq) sixty-one of section
 15 two hundred ten-B
 16 § 3. Section 606 of the tax law is amended by adding a new subsection
 17 (qqq) to read as follows:
 18 (qqq) Returning veterans tax credit. (1) General. A taxpayer shall be
 19 allowed a credit, to be computed as provided in this subsection, against
 20 the tax imposed by this article for each veteran or disabled veteran
 21 hired during a taxable year, prov