STATE OF NEW YORK
________________________________________________________________________
4936
2023-2024 Regular Sessions
IN ASSEMBLY
February 27, 2023
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Introduced by M. of A. GONZALEZ-ROJAS, COLTON, GUNTHER, THIELE, WALLACE,
JACOBSON, NORRIS, SIMON, TAPIA, SEAWRIGHT, ANDERSON, DE LOS SANTOS --
read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing tax credits for
the installation of fire sprinkler systems
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 (ooo) to read as follows:
3 (ooo) Fire sprinkler tax credit for residential properties. (1) Allow-
4 ance of credit. A taxpayer who is a residential property owner shall be
5 allowed a credit, to be computed as hereinafter provided, against the
6 tax imposed by this article. The amount of the credit shall be equal to
7 twenty-five percent of the cost of the labor and materials needed to
8 install sprinkler systems as defined by section one hundred fifty-five-a
9 of the executive law, by the residential property owner, provided,
10 however, that this subsection shall apply only to residential properties
11 in municipalities that do not already require fire sprinkler systems be
12 installed.
13 (2) Application of credit. If the amount of the credit allowed under
14 this subsection for any taxable year shall exceed the taxpayer's tax for
15 such year, the excess shall be treated as an overpayment of tax to be
16 credited or refunded in accordance with the provisions of section six
17 hundred eighty-six of this article, provided, however, that no interest
18 shall be paid thereon.
19 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
20 sion 59 to read as follows:
21 59. Fire sprinkler tax credit for residential properties. (1) Allow-
22 ance of credit. A taxpayer who is a residential property owner shall be
23 allowed a credit, to be computed as hereinafter provided, against the
24 tax imposed by this article. The amount of the credit shall be equal to
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03500-02-3
A. 4936 2
1 twenty-five percent of the cost of the labor and materials needed to
2 install sprinkler systems as defined by section one hundred fifty-five-a
3 of the executive law, by the residential property owner, provided,
4 however, that this subdivision shall apply only to residential proper-
5 ties in municipalities that do not already require fire sprinkler
6 systems be installed.
7 (2) Application of credit. If the amount of the credit allowed under
8 this subdivision for any taxable year shall exceed the taxpayer's tax
9 for such year, the excess shall be treated as an overpayment of tax to
10 be credited or refunded in accordance with the provisions of section six
11 hundred eighty-six of this chapter, provided, however, that no interest
12 shall be paid thereon.
13 § 3. This act shall take effect immediately.
