Bill Text: NY A01336 | 2013-2014 | General Assembly | Amended

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Bill Title: Provides a tax credit to home owners who repair cock loft fire hazards in their homes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-06-17 - print number 1336b [A01336 Detail]

Download: New_York-2013-A01336-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        1336--B
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       Introduced by M. of A. LENTOL -- read once and referred to the Committee
         on Ways and Means -- recommitted to the Committee on Ways and Means in
         accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
         amended, ordered reprinted as amended and recommitted to said  commit-
         tee  --  again  reported  from said committee with amendments, ordered
         reprinted as amended and recommitted to said committee
       AN ACT to amend the tax law, in relation to providing a tax credit for a
         portion of the cost of repairing certain fire hazards
         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 REPAIRING CERTAIN  FIRE  HAZARDS.  (1)  ANY  RESIDENT
    4  OWNER  OF    REAL  PROPERTY AS DEFINED IN SECTION ONE HUNDRED TWO OF THE
    5  REAL PROPERTY TAX LAW SHALL BE ALLOWED A CREDIT AGAINST THE  TAX  OTHER-
    6  WISE  IMPOSED UNDER THIS ARTICLE IN AN AMOUNT EQUAL TO THIRTY PERCENT OF
    7  THE COST OF  REPAIRING  FIRE  HAZARDS  COMMONLY  KNOWN  AS  COCK  LOFTS,
    8  PROVIDED  THAT  SUCH  CREDIT SHALL NOT EXCEED FIVE HUNDRED DOLLARS.  FOR
    9  PURPOSES OF THIS SECTION THE TERM "COCK LOFT" SHALL  MEAN  A  COMPLETELY
   10  ENCLOSED SPACE BETWEEN RAFTERS AND A SUSPENDED CEILING.
   11    (2)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
   12  TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR,  THE  EXCESS
   13  SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
   14  ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
   15  ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
   16    S 2. This act shall take effect immediately and shall apply to taxable
   17  years beginning on or after January 1, 2014.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04091-05-4