Monday, February 11, 2008

NY State Cold War Veteran Income Tax Exemption Option Bill



A09642 Memo:

BILL NUMBER:A9642

TITLE OF BILL: An act to amend the tax law, in relation to providing
personal income tax credits for cold war veterans who own tangible real
property

PURPOSE: Section 1. Section 606 of the tax law is amended by adding a
new Section (e-2) creating a Cold War Veteran`s tax credit for taxable
years beginning on January first, 2009. Allows a resident taxpayer who
is a cold war veterans to take a $200 credit against the tax imposed. If
a taxpayer receives a real property tax exemption as a Cold War Veteran,
the taxpayer is not eligible for this income tax credit.

SUMMARY OF PROVISIONS: Section 1 Section 606 of the tax law is amended
by adding a new subsection (e-2) to read: Cold War Veteran`s Tax Credit.
(1) for taxable years beginning on January 1, 2009, a resident taxpayer
who is a cold war veteran as defined in paragraph (a) of subdivision one
of Section 458-b of the real property tax law shall be allowed a credit
against the tax imposed equal to two hundred dollars. (2) if a taxpayer
receives a real property tax exemption relating to Cold War Veteran
status shall not be eligible for this credit. (3) if the amount of the
credit allowed under the subsection for any taxable year shall exceed
the taxpayer`s tax for the year, the excess shall be treated as an over-
payment of tax to be credited or refunded and that no interest shall be
paid thereon.

JUSTIFICATION: Many veterans do not own real property to avail them-
selves of the Cold War Veteran`s Tax Credit as provided for by Subdivi-
sion 1 of Section 458-b of the real property tax law. Giving the Cold
War Veterans the option, already available to the volunteer fire fight-
ers and ambulance workers, of either participating in the Real Property
Tax deduction available under Subdivision 1 of Section 458-b or taking
the income tax credit as allowed by this legislation.

LEGISLATIVE HISTORY: New bill

FISCAL IMPLICATIONS:: To be determined.

EFFECTIVE DATE: Immediately

--------------------------------------------------------------
Sean P. Eagan
ACWV Public Affairs Director



http://cold-war-veterans-blog.blogspot.com

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