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A06243 Summary:

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A06243 Committee Votes:

A06243 Floor Votes:

A06243 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         6243--B
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 18, 2015
                                       ___________
 
        Introduced by M. of A. WEPRIN -- read once and referred to the Committee
          on Ways and Means -- recommitted to the Committee on Ways and Means in
          accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee  --  again  reported  from said committee with amendments, ordered
          reprinted as amended and recommitted to said committee
 
        AN ACT to amend the tax law, in relation to creating a  disabled  person
          retrofit tax credit
 
          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)  Disabled  person  retrofit  tax  credit.  (1) For taxable years
     4  beginning on or after January first, two thousand seventeen, a  taxpayer
     5  shall  be  allowed  a  credit,  to  be computed as hereinafter provided,
     6  against the tax imposed by this article. The amount of the credit  shall
     7  be  equal  to thirty percent of the cost of the expenditures made by the
     8  taxpayer with respect to the installation of qualified improvements at a
     9  dwelling occupied by the taxpayer as his or her  primary  residence  and
    10  may be allowed in the taxable year in which the expenditure is incurred;
    11  provided  that the lifetime credit allowable with regard to expenditures
    12  for the installation of qualified improvements at a particular  dwelling
    13  by  any taxpayer shall not exceed five thousand dollars in the aggregate
    14  for improvements made to that dwelling. Subject  to  the  provisions  of
    15  this  subsection,  a  taxpayer  shall be allowed a credit, not to exceed
    16  five thousand dollars in the  aggregate,  for  each  dwelling  that  the
    17  taxpayer  occupies  as  his  or  her  primary residence and at which the
    18  taxpayer installs qualified improvements.
    19    (2) As used in this  subsection  "qualified  improvements"  means  the
    20  installation of:
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06904-04-6
        A. 6243--B                          2
 
     1    (A)  a  no-step  entrance  or entrances allowing access into the resi-
     2  dence;
     3    (B)  interior  passage doors providing at least a thirty-two inch wide
     4  opening;
     5    (C) reinforcements in bathroom walls  allowing  installation  of  grab
     6  bars around the toilet, tub and shower; and
     7    (D) light switches and outlets placed in locations accessible to disa-
     8  bled persons.
     9    (3)  If  the  amount  of  credit allowable under this subsection shall
    10  exceed the taxpayer's tax for such year, the excess may be carried  over
    11  to  the  following year or years and may be deducted from the taxpayer's
    12  tax for such year or years.
    13    (4) (A) The provisions of this  subsection  shall  not  apply  to  any
    14  dwelling owned solely for commercial purposes. In the case of a building
    15  where  less  than  the  entire  building  is  used as a residence of the
    16  taxpayer, only the portion of the total expenditures made in the  build-
    17  ing  that  is  attributable  to  the  residence of the taxpayer shall be
    18  treated as qualified expenditures for the purposes of this subsection.
    19    (B) If the taxpayer occupies the dwelling as his or her primary  resi-
    20  dence  for  only  a  portion  of a tax year in which a credit under this
    21  subsection is claimed, the amount  of  the  allowable  credit  shall  be
    22  reduced  in proportion to the amount of time the taxpayer did not occupy
    23  the dwelling as his or her primary residence.
    24    (C) In the case of a dwelling that is owned by and is a  residence  of
    25  two  or  more persons, other than a husband and wife, the portion of the
    26  total expenditures made in the rehabilitation of the  building  that  is
    27  attributable  to each taxpayer shall be equal to the taxpayer's share of
    28  ownership in such building.
    29    (5) The taxpayer shall furnish such information  as  the  commissioner
    30  determines is necessary to determine any credit under this subsection.
    31    (6)  The  aggregate amount of tax credits allowed shall be one million
    32  dollars each year. Such aggregate amount of credits shall  be  allocated
    33  by  the  department  among taxpayers in order of priority based upon the
    34  date of filing. If the total amount of allocated credits applied for  in
    35  any  particular year exceeds the aggregate amount of tax credits allowed
    36  for such year under this section, such excess shall be treated as having
    37  been applied for on the first day of the subsequent year.
    38    § 2. This act shall take effect immediately and  shall  be  deemed  to
    39  have  been  in  full  force  and  effect  on  and after January 1, 2017;
    40  provided further, this act shall apply to all tax years commencing on or
    41  after January 1, 2017.