Establishes a sump pump installation and replacement tax credit for homeowners who use the home as their principal residence and who have an income of less than $250,000.
STATE OF NEW YORK
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4651--A
2023-2024 Regular Sessions
IN SENATE
February 13, 2023
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Introduced by Sen. KENNEDY -- 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
AN ACT to amend the tax law, in relation to establishing a sump pump
installation and replacement credit
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 (ppp) to read as follows:
3 (ppp) Sump pump installation and replacement credit. (1) General. An
4 individual taxpayer shall be allowed a credit for taxable years begin-
5 ning on or after January first, two thousand twenty-five against the tax
6 imposed by this article for the costs for replacement, repair or instal-
7 lation of a sump pump, when such repair, replacement, or installation is
8 recommended by a certified plumber or municipality. The amount of the
9 credit shall be fifty percent of the total cost of replacement, repair,
10 or installation.
11 (2) Sump pump replacement, repair and installation costs. (A) The term
12 "costs of replacement, repair or installation" includes the cost of an
13 assessment from a plumber, any initial appraisals, labor costs, any
14 disposal fees, and any cleanup fees; except any state or local sales tax
15 applicable to the services performed. (B) The term "costs of repair"
16 includes the cost of an assessment from a plumber, any initial
17 appraisals, labor costs, any disposal fees, and follow-up fees; except
18 any state or local sales tax applicable to the services.
19 (3) Amount of credit. The aggregate amount of tax credits allowed
20 under this subsection in any calendar year statewide shall be five
21 million dollars.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07409-02-4
S. 4651--A 2
1 (4) Installation and repair for qualified taxpayers. A property owner
2 who incurs costs for repair or replacement of a sump pump must be doing
3 so on a residential or mixed use property which is:
4 (A) located in the state;
5 (B) owned by the taxpayer;
6 (C) used by the taxpayer as his or her principal residence; and
7 (D) owned by a taxpayer with a household income of less than two
8 hundred fifty thousand dollars.
9 (5) When credit is allowed. The credit provided for in this subsection
10 shall be allowed with respect to the taxable year, commencing after
11 January first, two thousand twenty-five in which the work is completed
12 and paid for.
13 (6) Carryover credit. If the amount of the credit, and carryovers of
14 such credit, allowable under this subsection for any taxable year shall
15 exceed the taxpayer's tax for such year, such excess amount may be
16 carried over to the five taxable years next following the taxable year
17 with respect to which the credit is allowed and may be deducted from the
18 taxpayer's tax for such year or years.
19 § 2. This act shall take effect immediately and shall apply to taxable
20 years commencing on or after such effective date.
