Featured News - Current News - Archived News - News Categories

NYS: Valuable tax credits & exemptions for veterans


Sat, Nov 10th 2018 11:35 am
(Image courtesy of the New York State Department of Taxation and Finance)
(Image courtesy of the New York State Department of Taxation and Finance)
'Hire a veteran credit' extended through 2020, property tax exemptions offer additional benefits
By the New York State Department of Taxation and Finance
Ahead of Veterans Day, the New York State Department of Taxation and Finance reminded veterans of valuable tax exemptions and credits available to them, their families, and their employers.
"Our brave New York state veterans deserve our gratitude, and this is a small way to thank them for their commitment and sacrifice," said Acting Commissioner of Taxation and Finance Nonie Manion. "These valuable credits and exemptions can provide a financial boost to veterans, their families, and their employers, which is why we encourage them to check their eligibility."
New York State Division of Veterans' Affairs Executive Deputy Director Joel Evans said, "Gov. Cuomo is dedicated to making New York state the place of choice for veterans, service members and their families to call home. Numerous tax exemptions and credits are available to those who served. These are a testament to New York's dedication to thanking our veterans and service members. We encourage everyone to learn about and use these exemptions."
Hire a veteran credit
Businesses are entitled to claim the "hire a veteran credit" for employing the qualified veterans in New York for one year or more for at least 35 hours each week.
Employers can earn a credit up to $5,000 per qualified veteran and $15,000 per disabled veteran. One must submit Form DTF-75, employee affidavit for the hire a veteran credit, to an employer to certify one meets the requirements of a qualified veteran. Visit website www.tax.ny.gov for more information.
Property Tax Exemption
New York's veterans are eligible for valuable property tax exemptions from local governments statewide.
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. A third type of veterans' exemption 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 are now granting 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. for local contact information, visit our municipal profiles website.

comments powered by Disqus