Governor Hochul on Friday reminded New York veterans and employers of valuable tax credits, waivers and incentives for qualified military personnel ahead of Veterans Day.
The Hire a veteran The tax credit, which is administered by the New York State Department of Taxation and Finance, can be worth up to $20,000 for eligible New Yorkers.
Veterans may also be eligible for additional local tax exemptions that could reduce their property tax bills by up to 50%.
Companies that hire qualified veterans may be eligible in New York Hire a veteran Tax credit, up to $20,000 per veteran hired. Companies must hire qualified veterans in New York State for a year or more for at least 35 hours per week to claim the tax credit.
Employers can get a credit of up to $15,000 per qualified veteran and $20,000 per disabled veteran. Qualified veterans must submit Form DTF-75, Employee Affidavit for Hire a Veteran Credit, to their employer to certify their eligibility.
Companies that are actively recruiting and hiring should visit the Hire a veteran tax credit web page for more information.
Veterans Property Tax Exemption
New York veterans are eligible for valuable property tax exemptions from local governments statewide.
More than half a million New York veterans now enjoy property tax exemptions. The most common exemptions can reduce a wartime veteran’s property tax burden by 15%, or up to 25% if the veteran served in a combat zone. Many local governments also offer a Cold War veterans exemption of up to 15% for veterans who served on active duty between 1945 and 1991.
Both exemption categories allow the percentage of the exemption to be increased to 50% if the veteran was disabled due to military service.
The Department of Taxation and Finance also provides property tax relief based on the amount of eligible funds the veteran has invested in the property. Thanks to recent legislation, school districts are now allowed to offer each of these exemptions.
Of the 679 school districts statewide, 288 now grant at least one of the exemptions available to veterans.