Bill Text: NY A03030 | 2015-2016 | General Assembly | Introduced

New York Assembly Bill 3030 (Prior Session Legislation)

Introduced

Bill Title: Provides for an increase in federal itemized deduction for certain home improvements; a fifty percent tax exemption is provided to a residential property owner of a one, two or three family home for improvements that will promote environmental quality; limits the deduction to $1,000 in any one tax year.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A03030 Detail]

Download: New_York-2015-A03030-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 2101                                                  A. 3030
                              2015-2016 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                   January 21, 2015
                                      ___________
       IN  SENATE  -- Introduced by Sens. LAVALLE, DeFRANCISCO, LARKIN, MARTINS
         -- read twice and ordered printed, and when printed to be committed to
         the Committee on Investigations and Government Operations
       IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once  and  referred
         to the Committee on Ways and Means
       AN  ACT  to  amend  the tax law, in relation to modifications increasing
         federal itemized deductions for home improvements
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Subsection (d) of section 615 of the tax law is amended by
    2  adding a new paragraph 5 to read as follows:
    3    (5) AN AMOUNT, NOT TO EXCEED FIFTY PERCENT OF THE AMOUNT EXPENDED BY A
    4  TAXPAYER WHO IS THE OWNER OF A ONE, TWO OR THREE FAMILY HOME FOR  MAKING
    5  AN  IMPROVEMENT  TO  SAID HOME WHICH WILL PROMOTE ENVIRONMENTAL QUALITY,
    6  INCLUDING THE REPLACEMENT OR UPGRADE OF AN  INDIVIDUAL  SEWAGE  DISPOSAL
    7  SYSTEM,  REPLACEMENT OR UPGRADE OF FUEL OIL TANKS, OR THE INSTALLMENT OF
    8  A STORM WATER COLLECTION AND RECHARGE SYSTEM. THIS DEDUCTION IS  LIMITED
    9  TO ONE THOUSAND DOLLARS IN ANY ONE TAX YEAR.
   10    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07183-01-5