NY A07921

Amends the New York State Constitution to authorize creation of state debt to pay bonuses to armed forces members who served during the Korean War (June 27, 1950 to January 31, 1955) and were New York residents at time of service.

Establishes maximum bonus amounts of $400 for members with overseas service and $300 for members with stateside service.

Provides bonus payment to legatees or distributees of deceased service members according to the decedent's valid will or intestate succession laws.

Increases the aggregate debt authorization limit from $400 million to $600 million to cover bonuses for both World War II veterans (existing authorization) and Korean War veterans.

Requires the amendment be referred to the next regular legislative session following the general election and published for 3 months before that election, per constitutional procedures.