As Veterans Day gets closer, Governor Kathy Hochul wants to remind vets and employers about the various tax credits available.
Right now the Hire-a-Veteran Tax Credit is available to eligible New Yorker’s and it’s worth up to $20,000.
Another credit are property tax exemptions which could give New York Veterans 50% off their property tax liability.
“Here in New York, we honor our veterans not only with our deep respect and tremendous gratitude for their service, but also with tax relief programs and incentives designed to help them thrive,” Governor Hochul said. “As we approach Veterans Day, I encourage our service members to check their eligibility for local, state, and federal benefits, and I thank them for protecting the essential rights and freedoms that define our state and our nation.”
Hire-a-Veteran tax credit explained
Businesses hiring qualified veterans may be eligible for New York’s Hire-A-Veteran Tax Credit, worth up to $20,000 per veteran hired. Businesses must hire qualified veterans in New York State for one year or more for at least 35 hours each week to claim the tax credit.
Employers can earn a credit up to $15,000 per qualified veteran and $20,000 per disabled veteran. Qualified veterans must submit Form DTF-75, Employee Affidavit for the Hire-a-Veteran Credit, to their employer to certify their eligibility.
Businesses that are actively recruiting and hiring should visit the Hire-A-Veteran tax credit webpage for more information.
Property tax exemptions for vets
New York veterans are eligible for valuable property tax exemptions from local governments across the state.
More than half a million New York veterans now benefit from property tax exemptions. The most common exemptions can reduce the property tax burden of a wartime veteran by 15 percent, or as much as 25 percent if the veteran served in a combat zone. Many local governments also offer a Cold War veterans’ exemption of up to 15 percent for veterans who served on active duty between 1945 and 1991.
Both categories of exemption allow the percentage of the exemption to be increased to as high as 50 percent if the veteran was disabled because of his or her military service.
The Department of Taxation and Finance also provides property tax relief based on the amount of eligible funds that the veteran invested in the property. Thanks to recent legislation, school districts are now authorized to offer each of these exemptions.
Of the 679 school districts statewide, 288 now grant at least one of the available veterans’ exemptions.
Because the types and amounts of exemptions offered and application deadlines vary, veterans should contact their local assessor’s office for details on how to obtain these valuable tax benefits.
“On Veterans Day, and every day, we’re proud to honor all who have served in our military with dedication and valor to protect our freedom. In New York, we continue to build on our commitment to veterans by expanding our Hire-a-Veteran Tax Credit and providing other benefits like property tax exemptions,” New York State Acting Commissioner of Taxation and Finance Amanda Hiller said.
“We know that our veterans come home from service with invaluable skill sets for the civilian workforce. The Hire-A-Veteran Tax Credit provides the perfect opportunity for New York’s veterans to utilize their unique experiences and knowledge to contribute to the workforce while providing an incentive for employers to continue hiring, training, and retaining veterans,” New York State Division of Veterans’ Services Director Viviana DeCohen said.
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