Relates to modifications increasing federalized itemized deductions for removing underground home heating oil storage tanks; such deduction shall be limited to one thousand dollars in any one year.
STATE OF NEW YORK
________________________________________________________________________
5035
2017-2018 Regular Sessions
IN ASSEMBLY
February 6, 2017
___________
Introduced by M. of A. McDONOUGH, HAWLEY -- read once and referred to
the Committee on Ways and Means
AN ACT to amend the tax law, in relation to modifications increasing
federalized itemized deductions for removing underground home heating
oil storage tanks
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subsection (d) of section 615 of the tax law is amended by
2 adding a new paragraph 5 to read as follows:
3 (5) an amount, not to exceed fifty percent of the amount expended by a
4 taxpayer who is the owner of a one, two or three family home who
5 promotes environmental quality through the removal of an underground
6 home heating oil storage tank and the replacement of such tank with an
7 aboveground home heating oil storage tank or another source of home
8 heating. This deduction is limited to one thousand dollars in any one
9 year.
10 §2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09441-01-7
