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AB1878 Summary:

Amd 606, Tax L
Provides a tax credit to homeowners who repair cock loft fire hazards in their homes.
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AB1878 Actions:

01/13/2017referred to ways and means
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AB1878 Text:

                STATE OF NEW YORK
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    January 13, 2017
        Introduced by M. of A. LENTOL -- read once and referred to the Committee
          on Ways and Means
        AN ACT to amend the tax law, in relation to providing a tax credit for a
          portion of the cost of repairing certain fire hazards
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (ccc) to read as follows:
     3    (ccc)  Credit  for  repairing  certain  fire hazards. (1) Any resident
     4  owner of  real property as defined in section one  hundred  two  of  the
     5  real  property  tax law shall be allowed a credit against the tax other-
     6  wise imposed under this article in an amount equal to thirty percent  of
     7  the  cost  of  repairing  fire  hazards  commonly  known  as cock lofts,
     8  provided that such credit shall not exceed five hundred  dollars.    For
     9  purposes  of  this  section the term "cock loft" shall mean a completely
    10  enclosed space between rafters and a suspended ceiling.
    11    (2) If the amount of the credit allowed under this subsection for  any
    12  taxable  year  shall exceed the taxpayer's tax for such year, the excess
    13  shall be treated as an overpayment of tax to be credited or refunded  in
    14  accordance with the provisions of section six hundred eighty-six of this
    15  article, provided, however, that no interest shall be paid thereon.
    16    § 2. This act shall take effect immediately and shall apply to taxable
    17  years beginning on or after January 1, 2017.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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