Provides for an increase in federal itemized deduction for certain home improvements; a fifty percent tax exemption is provided to a residential property owner of a one, two or three family home for improvements that will promote environmental quality; limits the deduction to $1,000 in any one tax year.
STATE OF NEW YORK
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S. 4632 A. 6693
2013-2014 Regular Sessions
SENATE - ASSEMBLY
April 16, 2013
___________
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Investi-
gations and Government Operations
IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred
to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to modifications increasing
federal itemized deductions for home improvements
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 for making
5 an improvement to said home which will promote environmental quality,
6 including the replacement or upgrade of an individual sewage disposal
7 system, replacement or upgrade of fuel oil tanks, or the installment of
8 a storm water collection and recharge system. This deduction is limited
9 to one thousand dollars in any one tax 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.
LBD10094-01-3
