S04651 Summary:

BILL NOS04651A
 
SAME ASSAME AS A09275
 
SPONSORKENNEDY
 
COSPNSR
 
MLTSPNSR
 
Amd 606, Tax L
 
Establishes a sump pump installation and replacement tax credit for homeowners who use the home as their principal residence and who have an income of less than $250,000.
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S04651 Actions:

BILL NOS04651A
 
02/13/2023REFERRED TO BUDGET AND REVENUE
01/03/2024REFERRED TO BUDGET AND REVENUE
02/23/2024AMEND AND RECOMMIT TO BUDGET AND REVENUE
02/23/2024PRINT NUMBER 4651A
05/06/2024RECOMMIT, ENACTING CLAUSE STRICKEN
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S04651 Committee Votes:

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S04651 Floor Votes:

There are no votes for this bill in this legislative session.
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S04651 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         4651--A
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                    February 13, 2023
                                       ___________
 
        Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
          printed to be committed to the Committee  on  Budget  and  Revenue  --
          recommitted  to the Committee on Budget and Revenue in accordance with
          Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
          reprinted as amended and recommitted to said committee

        AN  ACT  to  amend  the tax law, in relation to establishing a sump pump
          installation and replacement 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 (ppp) to read as follows:
     3    (ppp) Sump pump installation and replacement credit. (1)  General.  An
     4  individual  taxpayer  shall be allowed a credit for taxable years begin-
     5  ning on or after January first, two thousand twenty-five against the tax
     6  imposed by this article for the costs for replacement, repair or instal-
     7  lation of a sump pump, when such repair, replacement, or installation is
     8  recommended by a certified plumber or municipality. The  amount  of  the
     9  credit  shall be fifty percent of the total cost of replacement, repair,
    10  or installation.
    11    (2) Sump pump replacement, repair and installation costs. (A) The term
    12  "costs of replacement, repair or installation" includes the cost  of  an
    13  assessment  from  a  plumber,  any  initial appraisals, labor costs, any
    14  disposal fees, and any cleanup fees; except any state or local sales tax
    15  applicable to the services performed. (B) The  term  "costs  of  repair"
    16  includes  the  cost  of  an  assessment  from  a  plumber,  any  initial
    17  appraisals, labor costs, any disposal fees, and follow-up  fees;  except
    18  any state or local sales tax applicable to the services.
    19    (3)  Amount  of  credit.  The  aggregate amount of tax credits allowed
    20  under this subsection in any  calendar  year  statewide  shall  be  five
    21  million dollars.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07409-02-4

        S. 4651--A                          2
 
     1    (4)  Installation and repair for qualified taxpayers. A property owner
     2  who incurs costs for repair or replacement of a sump pump must be  doing
     3  so on a residential or mixed use property which is:
     4    (A) located in the state;
     5    (B) owned by the taxpayer;
     6    (C) used by the taxpayer as his or her principal residence; and
     7    (D)  owned  by  a  taxpayer  with  a household income of less than two
     8  hundred fifty thousand dollars.
     9    (5) When credit is allowed. The credit provided for in this subsection
    10  shall be allowed with respect to  the  taxable  year,  commencing  after
    11  January  first,  two thousand twenty-five in which the work is completed
    12  and paid for.
    13    (6) Carryover credit. If the amount of the credit, and  carryovers  of
    14  such  credit, allowable under this subsection for any taxable year shall
    15  exceed the taxpayer's tax for such  year,  such  excess  amount  may  be
    16  carried  over  to the five taxable years next following the taxable year
    17  with respect to which the credit is allowed and may be deducted from the
    18  taxpayer's tax for such year or years.
    19    § 2. This act shall take effect immediately and shall apply to taxable
    20  years commencing on or after such effective date.
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