A08643 Summary:
BILL NO | A08643A |
  | |
SAME AS | SAME AS UNI. S05893-A |
  | |
SPONSOR | Tedisco (MS) |
  | |
COSPNSR | Crouch, Tobacco, Gabryszak, McLaughlin, Rivera N, Calhoun, Ra, Titone, Butler, Tenney, Palmesano, Lopez P |
  | |
MLTSPNSR | Duprey, Sayward |
  | |
Amd SS606 & 210, add S1207, Tax L | |
  | |
Establishes a credit for sales tax paid by victims who incurred damage as a result of tropical storms Irene and Lee. |
A08643 Actions:
BILL NO | A08643A | |||||||||||||||||||||||||||||||||||||||||||||||||
  | ||||||||||||||||||||||||||||||||||||||||||||||||||
09/21/2011 | referred to ways and means | |||||||||||||||||||||||||||||||||||||||||||||||||
10/21/2011 | amend (t) and recommit to ways and means | |||||||||||||||||||||||||||||||||||||||||||||||||
10/21/2011 | print number 8643a | |||||||||||||||||||||||||||||||||||||||||||||||||
01/04/2012 | referred to ways and means |
A08643 Memo:
Go to topNEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)   BILL NUMBER: A8643A SPONSOR: Tedisco (MS)
  TITLE OF BILL: An act to amend the tax law, in relation to establish- ing tax credits for state and county sales tax paid by victims of trop- ical storms Irene and Lee   PURPOSE: Establishes a credit against income tax for residents and business owners who incurred damage to property as a result of Tropical Storms Irene and Lee.   SUMMARY OF PROVISIONS: Section 1: Amends606 of the tax law by adding new subsection (tt) stat- ing that residential victims of Tropical Storms Irene and Lee, residents residing in the disaster areas, are entitled to a credit against their income taxes for 2011 and 2012. The amount of credit shall be equal to the sales tax paid for expenses in replacing appliances, furniture, building materials, moving expenses and storage costs. Section 2: Amends 5 210 of the tax law by adding a new subsection 44 stating that business owners who are victims of Tropical Storms Irene in the disaster areas are entitled to a credit against their income taxes for 2011 and 2012. The amount of credit shall be equal to the sales tax paid for the expenses in replacing appliances, furniture, building mate- rials, moving expenses and storage costs. Section 3: Amends Subparagraph (B) of paragraph 1 or subsection (i) of section 606 adding a new clause, clause (xxxiii)to allow tax code to be changed to establish the Tropical Storms Irene and Lee tax credit. Section 4: Ads additional section to the tax law, section 1207, allowing Counties affected by the Tropical Storms to option into this program at the County level. Section 5: Allows act to take effect immediately.   JUSTIFICATION: The devastating impact of Tropical Storms Irene and Lee on the lives of thousands of New Yorkers is heartbreaking. Too many people have had their lives torn apart losing their homes and busi- nesses. It's critical that our state continues to do everything in its power to help our neighbors rebuild. Eliminating sales taxes on the essentials for flood victims is one way New York State can help our fellow New Yorkers get back on their feet. The sales tax credits in this legislation are for moving expenses (rent- ing a truck, placing belongings in storage) and for replacing sump pumps, furnaces, refrigerators, washers, dryers, dehumidifiers, boilers, furniture, construction materials and clothing. Eligible recipients must reside in or own a business in any New York county declared a federal disaster area and must show proof that they are a flood victim by being certified by an insurer or state official. This bill shall establish a tax credit that will be applicable to an individuals' or business' 2011 and 2012 income taxes.   LEGISLATIVE HISTORY: This is a new bill.   FISCAL IMPLICATIONS: To be determined.   EFFECTIVE DATE: This act will take effect immediately.
A08643 Text:
Go to top STATE OF NEW YORK ________________________________________________________________________ S. 5893--A A. 8643--A 2011-2012 Regular Sessions SENATE - ASSEMBLY September 21, 2011 ___________ IN SENATE -- Introduced by Sen. FARLEY -- read twice and ordered print- ed, and when printed to be committed to the Committee on Rules -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee IN ASSEMBLY -- Introduced by M. of A. TEDISCO, CROUCH, TOBACCO, GABRYS- ZAK, McLAUGHLIN, N. RIVERA, CALHOUN, RA, TITONE, BUTLER -- Multi-Spon- sored by -- M. of A. DUPREY -- read once and referred to the Committee on Ways and Means -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to establishing tax credits for state and county sales tax paid by victims of tropical storms Irene and Lee 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 (tt) to read as follows: 3 (tt) Credit for state sales tax paid by victims of tropical storms 4 Irene and Lee. (1) General. A taxpayer whose residence or business 5 incurred damage as a result of tropical storm Irene of two thousand 6 eleven, tropical storm Lee of two thousand eleven or both such tropical 7 storms shall be allowed a credit against the tax imposed by this arti- 8 cle, to be computed as provided in paragraph two of this subsection. 9 (2) Amount of credit. The amount of credit shall be equal to state 10 sales tax paid for expenses related to damage incurred as a result of 11 flooding, high winds, rain and/or mudslides caused by such tropical 12 storms. Such expenses shall include, but not be limited to, expenses for 13 moving and storage, and for the replacement of sump pumps, furnaces, 14 refrigerators, washers, dryers, dehumidifiers, boilers, furniture, 15 construction materials, vehicles and clothing. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13461-03-1S. 5893--A 2 A. 8643--A 1 (3) Eligibility. To be eligible to receive such credit, a taxpayer 2 shall reside or have a business within a county in this state which was 3 declared a federal disaster area and is eligible to receive federal aid 4 or assistance as a result of such tropical storms from the federal emer- 5 gency management agency. 6 (4) Applicability. Credit allowed pursuant to this subsection shall 7 apply to payments for services and expenses made during the two thousand 8 eleven and two thousand twelve taxable years. 9 § 2. Section 210 of the tax law is amended by adding a new subdivision 10 44 to read as follows: 11 44. Credit for state sales tax paid by victims of tropical storms 12 Irene and Lee. (a) General. A taxpayer whose business incurred damage as 13 a result of tropical storm Irene of two thousand eleven, tropical storm 14 Lee of two thousand eleven or both such tropical storms shall be allowed 15 a credit against the tax imposed by this article, to be computed as 16 provided in paragraph (b) of this subdivision. 17 (b) Amount of credit. The amount of credit shall be equal to state 18 sales tax paid for expenses related to damage incurred as a result of 19 flooding, high winds, rain and/or mudslides caused by such tropical 20 storms. Such expenses shall include, but not be limited to, expenses for 21 moving and storage, and for the replacement of sump pumps, furnaces, 22 refrigerators, washers, dryers, dehumidifiers, boilers, furniture, 23 construction materials, vehicles and clothing. 24 (c) Eligibility. To be eligible to receive such credit, a taxpayer 25 shall have a business within a county in this state which was declared a 26 federal disaster area and is eligible to receive federal aid or assist- 27 ance as a result of such tropical storms from the federal emergency 28 management agency. 29 (d) Applicability. Credit allowed pursuant to this subdivision shall 30 apply to payments for services and expenses made during the two thousand 31 eleven and two thousand twelve taxable years. 32 § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 33 of the tax law is amended by adding a new clause (xxxiii) to read as 34 follows: 35 (xxxiii) Credit for state sales tax Amount of credit under 36 paid by victims of tropical storms subdivision forty-four 37 Irene and Lee under subsection (tt) of section two hundred 38 ten 39 § 4. The tax law is amended by adding a new section 1207 to read as 40 follows: 41 § 1207. Credit for county sales tax paid by victims of tropical storms 42 Irene and Lee. Any county in this state which was declared a federal 43 disaster area and is eligible to receive federal aid or assistance as a 44 result of tropical storm Irene of two thousand eleven, tropical storm 45 Lee of two thousand eleven or both such tropical storms, or any county 46 which borders such a county, may, after public hearing, adopt a local 47 law, ordinance or resolution to provide a credit against taxes imposed 48 by articles nine-A and twenty-two of this chapter for county sales tax 49 paid by victims of such tropical storms. Such credit shall be allowed to 50 taxpayers in the same manner as the credit for state sales tax paid 51 allowed pursuant to subdivision (tt) of section six hundred six and 52 subdivision forty-four of section two hundred ten of this chapter. 53 § 5. This act shall take effect immediately.