Allows an individual taxpayer to claim a credit against their income tax for excess premium paid during the applicable tax year for flood insurance providing coverage on the taxpayer's primary residence; authorizes the commissioner of taxation and finance to promulgate any necessary rules and regulations.
STATE OF NEW YORK
________________________________________________________________________
91
2019-2020 Regular Sessions
IN SENATE(Prefiled)
January 9, 2019
___________
Introduced by Sen. KAMINSKY -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations
AN ACT to amend the tax law, in relation to allowing an individual
taxpayer to claim a credit against their income tax for excess premium
paid during the applicable tax year for flood insurance providing
coverage on the taxpayer's primary residence
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 (jjj) to read as follows:
3 (jjj) Flood insurance tax credit. (1) Allowance of credit. A taxpayer
4 shall be allowed a credit, to be computed as provided in paragraph two
5 of this subsection, against the tax imposed by this article for excess
6 premium paid during the applicable tax year for flood insurance provid-
7 ing coverage on the taxpayer's primary residence.
8 (2) Amount of credit. The credit allowed pursuant to paragraph one of
9 this subsection shall be in an amount equal to the excess premium paid
10 by the taxpayer, the amount by which the premium paid exceeds five
11 percent of the taxpayer's adjusted gross income. Such credit for any
12 taxable year may not exceed one thousand two hundred fifty dollars.
13 (3) 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 or any unused credit may be carried forward for
19 five succeeding taxable years.
20 § 2. This act shall take effect immediately and shall apply to taxable
21 years beginning on and after January 1, 2020. The commissioner of taxa-
22 tion and finance is authorized to issue any rules and regulations neces-
23 sary for the implementation of this act on or before the effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03461-01-9