] is old law to be omitted. LBD03038-01-5S. 910 2 1 (ii) "Base year" shall mean calendar year two thousand twenty-three. 2 (iii) "Base employment" shall mean the average number of full time 3 employees or full time equivalent employees during the base year. For a 4 new business, base employment shall begin at zero. 5 (iv) "Credit employment" shall mean base employment plus the number of 6 new employees for which a credit is earned for the prior tax years. 7 (v) "Veteran" shall have the same meaning as set forth in section 8 eighty-five of the civil service law. 9 (vi) "Disabled veteran" shall have the same meaning as set forth in 10 section eighty-five of the civil service law. 11 § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 12 of the tax law is amended by adding a new clause (lii) to read as 13 follows: 14 (lii) Returning veterans tax Costs under subdivision 15 credit; subsection (qqq) sixty-one of section 16 two hundred ten-B 17 § 3. Section 606 of the tax law is amended by adding a new subsection 18 (qqq) to read as follows: 19 (qqq) Returning veterans tax credit. (1) General. A taxpayer shall be 20 allowed a credit, to be computed as provided in this subsection, against 21 the tax imposed by this article for each veteran or disabled veteran 22 hired during a taxable year, provided that: 23 (i) such veteran is a new employee and is employed for thirty-five 24 hours or more per week and remains in the employ of such taxpayer for 25 twelve months or more; or 26 (ii) such disabled veteran is a new employee and is employed for 27 seventeen and one-half hours or more per week and remains in the employ 28 of such taxpayer for twelve months or more. 29 (2) Amount of credit. A credit authorized by this section shall equal 30 three thousand dollars per hired veteran and four thousand dollars per 31 hired disabled veteran but shall not exceed fifteen thousand dollars 32 annually. 33 (3) Carryovers. The credit allowed under this subsection may be 34 claimed and if not fully used in the initial year for which the credit 35 is claimed may be carried over, in order, to each of the ten succeeding 36 taxable years. The credit authorized by this subsection may not be used 37 to reduce the tax liability of the credit claimant below zero. 38 (4) Definitions. As used in this subsection, the following terms shall 39 have the following meanings: 40 (i) "New employee" shall mean any full time employee that causes the 41 total number of employees to increase above base employment or credit 42 employment, whichever is higher. 43 (ii) "Base year" shall mean calendar year two thousand twenty-five. 44 (iii) "Base employment" shall mean the average number of full time 45 employees or full time equivalent employees during the base year. For a 46 new business, base employment shall begin at zero. 47 (iv) "Credit employment" shall mean base employment plus the number of 48 new employees for which a credit is earned for the prior tax years. 49 (v) "Veteran" shall have the same meaning as set forth in section 50 eighty-five of the civil service law. 51 (vi) "Disabled veteran" shall have the same meaning as set forth in 52 section eighty-five of the civil service law. 53 § 4. This act shall take effect immediately and shall apply to taxable 54 years beginning on or after January 1, 2026 and shall apply to those 55 employees hired after this act shall take effect.