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
________________________________________________________________________
4056--B
2023-2024 Regular Sessions
IN SENATE
February 2, 2023
___________
Introduced by Sen. MANNION -- read twice and ordered printed, and when
printed to be committed to the Committee on Budget and Revenue --
recommitted to the Committee on Budget and Revenue in accordance with
Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
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 (qqq) to read as follows:
3 (qqq) 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
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07784-03-4
S. 4056--B 2
1 shall be paid thereon or any unused credit may be carried forward for
2 five succeeding taxable years.
3 (4) Credit limitation. The aggregate amount of tax credits allowed
4 pursuant to this subsection shall not exceed five million dollars in any
5 taxable year.
6 § 2. This act shall take effect immediately and shall apply to taxable
7 years beginning on and after January 1, 2025. Effective immediately,
8 the addition, amendment and/or repeal of any rule or regulation neces-
9 sary for the implementation of this act on its effective date are
10 authorized to be made and completed on or before such effective date.
