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NY S06024
Bill
Status
6/19/2012
Primary Sponsor
Mark Grisanti
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AI Summary
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Establishes a tax credit for businesses hiring veterans who work at least 35 hours per week and remain employed for 12 months or more, worth $3,000 per veteran.
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Provides an additional $4,000 tax credit for businesses hiring wounded veterans (those with service-connected disabilities certified by the VA or Department of Defense) who work at least 17.5 hours per week for 12 months or more.
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Limits total annual credit to $15,000 per taxpayer, with unused credits carriyable forward to the next five taxable years.
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Applies the credit to both personal income tax (Section 210 of tax law) and corporation tax (Section 606 of tax law).
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Takes effect immediately and applies to taxable years beginning on or after January 1, 2012.
Legislative Description
Establishes a returning veterans tax credit for businesses that hire veterans and wounded veterans; such tax credit is worth $3,000 per veteran hired or $4,000 for every wounded veteran hired and the total benefit shall not exceed $15,000 annually.
Last Action
referred to ways and means
6/19/2012