New York Assembly Bill A09672

New York 2025-2026 Regular Session

• Introduced: 1/21/26
• Refer: 1/21/26

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.

Impact

If enacted, A09672 will amend existing tax law, specifically section 210-B, by introducing a new subdivision that outlines the conditions under which the tax credits can be earned. The bill mandates that newly hired veterans must work a minimum of 35 hours per week for at least a year to qualify, whereas disabled veterans must work at least 17.5 hours under similar conditions. This ensures that the financial incentives are provided to businesses that sustain employment for a significant period, possibly increasing job security for veterans.

Summary

Bill A09672 aims to establish a returning veterans tax credit in New York for businesses that hire veterans and disabled veterans. The proposed tax credit allows eligible businesses to claim a credit of $3,000 for each new veteran employee and $4,000 for each new disabled veteran hired, with an annual cap on credits not exceeding $15,000. This initiative is designed to encourage the hiring of veterans, providing businesses with a financial incentive to integrate these individuals into the workforce, thus aiding their transition into civilian life and careers.

Contention

Notable points of contention surrounding the bill include the financial implications for state revenue as the credits could reduce tax income. While proponents argue that stimulating veteran employment can lead to broader economic benefits, critics express concerns that the bill may disproportionately favor certain businesses over others. There is ongoing dialogue regarding ensuring that the implementation of such credits does not come at the expense of other critical state services or funding sources. Additionally, the definition of what constitutes a 'new employee' and the effective verification processes may need further clarification to prevent misuse of the tax benefits.