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S03065 Summary:

S03065 Actions:

S03065 Committee Votes:

S03065 Floor Votes:

S03065 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         3065--B
            Cal. No. 1637
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                    January 19, 2017
                                       ___________
 
        Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations -- recommitted to the Committee on Investigations  and
          Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
          committee discharged, bill amended, ordered reprinted as  amended  and
          recommitted  to said committee -- reported favorably from said commit-
          tee and committed to the Committee on Finance -- committee  discharged
          and  said bill committed to the Committee on Rules -- reported favora-
          bly from said committee, ordered to a third reading, passed by  Senate
          and  delivered  to the Assembly, recalled, vote reconsidered, restored
          to third reading, amended and ordered reprinted, retaining  its  place
          in the order of third reading
 
        AN ACT to amend the tax law, the insurance law and the executive law, in
          relation  to enacting the residential structure fire prevention act of
          2018
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  This act shall be known and may be cited as the "residen-
     2  tial structure fire prevention act of 2018".
     3    § 2. Section 606 of the tax law is amended by adding a new  subsection
     4  (jjj) to read as follows:
     5    (jjj) Credit for removing certain fire hazards. (1) Any resident owner
     6  of    real  property  as  defined in section one hundred two of the real
     7  property tax law shall be allowed a credit  against  the  tax  otherwise
     8  imposed  under this article in an amount equal to twenty-five percent of
     9  the cost of removing fire hazards commonly known as cock lofts, provided
    10  that such credit shall not exceed five thousand dollars. For purposes of
    11  this section the term "cock loft" shall mean a completely enclosed space
    12  between rafters and a suspended ceiling.
    13    (2) If the amount of the credit allowed under this subsection for  any
    14  taxable  year  shall exceed the taxpayer's tax for such year, the excess
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03403-05-8
        S. 3065--B                          2
 
     1  shall be treated as an overpayment of tax to be credited or refunded  in
     2  accordance with the provisions of section six hundred eighty-six of this
     3  article, provided, however, that no interest shall be paid thereon.
     4    §  3.  Section  2346  of  the insurance law is amended by adding a new
     5  subsection 6 to read as follows:
     6    6. The superintendent shall provide  for  an  actuarially  appropriate
     7  reduction  in the rates of fire insurance premiums or the fire insurance
     8  component of homeowners insurance  premiums  applicable  to  residential
     9  real property equipped with smoke detecting alarm devices in cock lofts.
    10  The  superintendent  shall  by  regulation establish standards for smoke
    11  detecting alarm devices in cock lofts, including  the  safe  and  secure
    12  installation  thereof.  For the purposes of this subsection, "cock loft"
    13  shall mean a completely enclosed space between rafters and  a  suspended
    14  ceiling.
    15    §  4.  The  executive  law is amended by adding a new section 170-c to
    16  read as follows:
    17    § 170-c. Repair of certain fire hazards. Any state agency or  authori-
    18  ty,  including but not limited to the New York state energy research and
    19  development authority, division of housing  and  community  renewal  and
    20  state of New York mortgage agency, that provides a housing program shall
    21  include  the repair of cock lofts for the purpose of fire prevention and
    22  safety as a qualifying expenditure  under  any  such  program.  For  the
    23  purposes  of  this section, "cock loft" shall mean a completely enclosed
    24  space between rafters and a suspended ceiling.
    25    § 5. This act shall take effect immediately and shall apply to taxable
    26  years beginning on or after January 1, 2019.