New York S 4312: Relates to combat veteran tax credit for entrepreneurs

Bill Text

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S04312 Summary:

BILL NOS04312 

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SAME ASNo Same As

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SPONSORCOMRIE

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COSPNSR

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MLTSPNSR

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Add §50, amd §§210-B & 606, Tax L

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Grants a combat veteran tax credit for entrepreneurs to provide a five hundred dollar tax credit to combat veteran entrepreneurs who create a business in New York state.

Go to top S04312 Actions:

BILL NOS04312 

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02/04/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS04312 Committee&nbspVotes:

Go to topS04312 Floor&nbspVotes:

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

Go to topS04312 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4312

 2025-2026 Regular Sessions

 IN SENATE

 February 4, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to establishing a combat veter-
 an tax credit for entrepreneurs

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

 1 Section 1. The tax law is amended by adding a new section 50 to read
 2 as follows:
 3 § 50. Combat veteran entrepreneur credit. (a) Allowance of credit. A
 4 combat veteran entrepreneur, which is subject to tax under article
 5 nine-A or twenty-two of this chapter and creates a new business, shall
 6 be allowed a credit against such tax. The credit shall be equal to five
 7 hundred dollars. The total amount of credit to be provided statewide
 8 shall not exceed five million dollars in a taxable year.
 9 (b) Definitions. As used in this section, the following terms shall
 10 have the following meanings:
 11 (1) "Combat veteran" shall mean any individual who is a resident of
 12 this state who has served in the armed forces of the United States in
 13 hostilities that occurred after December sixth, nineteen hundred forty-
 14 five, as evidenced by their receipt of an Armed Forces Expeditionary
 15 Medal, Navy Expeditionary Medal, or Marine Corps Expeditionary Medal and
 16 who was discharged under honorable conditions, including but not limited
 17 to honorable discharge, discharge under honorable conditions, or general
 18 discharge.
 19 (2) "Entrepreneur" shall mean any person who organizes and operates a
 20 business or businesses.
 21 (c) Cross-references. For application of the credit provided for in
 22 this section, see the following provisions of this chapter:
 23 (1) article 9-A: section 210-B, subdivision 28.
 24 (2) article 22: section 606, subsection (a-3).

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05494-01-5

 S. 4312 2

 1 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
 2 sion 28 to read as follows:
 3 28. Combat veteran entrepreneur credit. (a) Allowance of credit. A
 4 combat veteran entrepreneur will be allowed a credit, to be computed as
 5 provided in section fifty of this chapter, against the tax imposed by
 6 this article.
 7 (b) Application of credit. The credit allowed under this subdivision
 8 for any taxable year may not reduce the tax due for such year to less
 9 than the higher of the amounts prescribed in paragraph (d) of subdivi-
 10 sion one of section two hundred ten of this article. However, if the
 11 amount of credit allowed under this subdivision for any taxable year
 12 reduces the tax to such amount, any amount of credit thus not deductible
 13 in such taxable year will be treated as an overpayment of tax to be
 14 credited or refunded in accordance with the provisions of section one
 15 thousand eighty-six of this chapter. Provided, however, the provisions
 16 of subsection (c) of section one thousand eighty-eight of this chapter
 17 notwithstanding, no interest will be paid thereon.
 18 § 3. Section 606 of the tax law is amended by adding a new subsection
 19 (a-3) to read as follows:
 20 (a-3) Combat veteran entrepreneur credit. (1) A combat veteran entre-
 21 preneur will be allowed a credit, to the extent allowed under section
 22 fifty of this chapter, against the tax imposed by this article.
 23 (2) Application of credit. If the amount of the credit allowed under
 24 this subsection for any t