Hochul reminds veterans and employers about tax credits or exemptions in honor of Veterans Day

Governor Kathy Hochul reminds vets and employers about tax credits as Veterans Day draws near.

Right now the Hire-a-Veteran Tax Credit is available to eligible New Yorker’s and it’s worth up to $20,000.

A second credit is property tax exemptions, which could allow New York Veterans to get 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. To claim the tax credit, businesses must hire qualified veterans in New York State at least 35 hours per week for a minimum of one year.

Employers may earn credit of up to $15,000 for a qualified veteran or $20,000 for a disabled veteran. For eligibility to be certified by their employer, veterans must submit FormDTF-75, Employee Attestation for the Hire a Veteran Credit.

For more information on businesses that are actively hiring and recruiting, visit the Hire A Veteran tax credit webpage.

Exemptions in property taxes for vets

New York Veterans are eligible to receive valuable exemptions from property taxes from the local governments.

Property tax exemptions are now available to more than half a million veterans in New York. One of the most common exemptions is to reduce the property taxes burden of wartime veterans by 15 percent. If the veteran was in a combat zone, the figure can be as high as 25 percent. 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.

These exemptions allow for a maximum of 50 percent exemption if the veteran is disabled due to his or her military service.

The Department of Taxation and Finance provides property tax relief depending on the amount of eligible money the veteran has invested in the property. These exemptions are now available to school districts thanks to new legislation.

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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