New York Assembly Bill A03238

New York 2025-2026 Regular Session

• Introduced: 1/27/25
• Refer: 1/27/25

Caption

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.

Summary

Bill A03238 proposes a returning veterans tax credit aimed at encouraging businesses in New York to hire veterans and disabled veterans. The bill allows a tax credit of $3,000 for each veteran hired and $4,000 for each disabled veteran hired, with a cap of $15,000 per year. To qualify for the credit, the veteran must be a new employee working at least 35 hours per week for a minimum of 12 months, while disabled veterans must work at least 17.5 hours per week under the same conditions. The bill also outlines provisions for carrying over unused credits for up to ten years.

Impact

If enacted, this bill would amend the New York tax law to create a new tax incentive for businesses that hire veterans and disabled veterans. It would specifically modify sections of the tax law to include the returning veterans tax credit, potentially increasing employment opportunities for these groups and providing financial relief to businesses that participate. This could lead to a measurable increase in the hiring of veterans and disabled veterans across the state, impacting the labor market and tax revenue.

Sentiment

The sentiment surrounding Bill A03238 appears to be generally positive, as it aims to support veterans and incentivize businesses to hire them. However, there may be concerns regarding the fiscal implications of the tax credits on state revenue and whether the benefits to veterans will outweigh the costs to the state budget. Discussions in committee have not been documented, but the bill's intent aligns with broader efforts to support veterans in the workforce.

Contention

Notable points of contention may arise regarding the fiscal responsibility of implementing such tax credits, particularly in the context of the state budget and potential impacts on other funding priorities. Some lawmakers may express concerns about the effectiveness of tax credits in achieving the desired employment outcomes for veterans, while others may advocate for more robust support systems beyond financial incentives. Specific opposition or support from particular lawmakers has not been documented in the available discussions.