Establishes a tax credit up to fifty percent of the cost of such modifications, repairs and improvements, not exceeding three thousand dollars, for homeowners who invest in certain stormwater modifications, repairs and improvements.
STATE OF NEW YORK
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6935
2017-2018 Regular Sessions
IN SENATE
November 3, 2017
___________
Introduced by Sen. JACOBS -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
AN ACT to amend the tax law, in relation to credits against tax for
homeowners who invest in certain stormwater modifications, repairs and
improvements
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 (ccc) to read as follows:
3 (ccc) Credit for homeowners to invest in certain stormwater modifica-
4 tions, repairs and improvements. (1) Homeowners who construct modifica-
5 tions, repairs and improvements during the taxable year to their real
6 property to limit the amount of stormwater runoff so as to not overbur-
7 den the single sewer system in certain areas that are under a consent
8 order from the department of environmental conservation shall be eligi-
9 ble to receive a tax credit for up to fifty percent of the cost of such
10 modifications, repairs and improvements, not exceeding three thousand
11 dollars.
12 (2) For purposes of this subsection, the following definitions shall
13 apply:
14 (A) "Homeowner" is defined as a New York resident for the past twen-
15 ty-four months and who owns a single family or multi-family dwelling for
16 residential purposes within New York state.
17 (B) "Modifications and repairs" shall mean any modifications, repairs
18 and improvements to any stormwater infrastructure, conventional piped
19 drainage and water treatment systems designed to move storm water away
20 from the homeowner's residence so as to not overburden a single sewer
21 system in certain areas.
22 (3) The provisions of this section shall not apply to any homeowner
23 who lives in a city with a population of one million or more.
24 § 2. This act shall take effect immediately and shall apply to taxable
25 years commencing on and after such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11468-02-7
