Bill Text: NY A05248 | 2013-2014 | General Assembly | Introduced

New York Assembly Bill 5248 (Prior Session Legislation)

Introduced

Bill Title: Establishes an income tax credit for certain victims of Hurricane Irene and Tropical Storm Lee in the amount of property taxes paid on property which sustained substantial damage as a result of such storms.

Spectrum: Partisan Bill (Republican 5-0)

Status: (Introduced - Dead) 2014-06-17 - held for consideration in ways and means [A05248 Detail]

Download: New_York-2013-A05248-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5248
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 21, 2013
                                      ___________
       Introduced by M. of A. TENNEY, P. LOPEZ -- read once and referred to the
         Committee on Ways and Means
       AN  ACT  to  amend the tax law, in relation to establishing a tax credit
         for victims of Hurricane Irene and Tropical Storm Lee
         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 (vv) to read as follows:
    3    (VV) TAX CREDIT FOR VICTIMS OF HURRICANE IRENE AND TROPICAL STORM LEE.
    4  (1) ALLOWANCE OF CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A  CREDIT
    5  FOR  TAXABLE  YEARS  TWO  THOUSAND ELEVEN AND TWO THOUSAND TWELVE, TO BE
    6  COMPUTED AS HEREINAFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS  ARTI-
    7  CLE. FOR PURPOSES OF THIS PARAGRAPH, THE TERM "QUALIFIED TAXPAYER" MEANS
    8  A BUSINESS OR RESIDENT TAXPAYER.
    9    (2)  AMOUNT  OF CREDIT. (A) THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO
   10  THE AMOUNT OF SCHOOL TAXES PAID FOR THE TWO THOUSAND ELEVEN-TWO THOUSAND
   11  TWELVE SCHOOL YEAR AND THE AMOUNT OF ANY CITY, VILLAGE, TOWN AND  COUNTY
   12  TAXES PAID IN TAXABLE YEAR TWO THOUSAND TWELVE WITH RESPECT TO ANY PROP-
   13  ERTY WHICH RECEIVED SUBSTANTIAL DAMAGE AS A RESULT OF HURRICANE IRENE OR
   14  TROPICAL STORM LEE IN TWO THOUSAND ELEVEN.
   15    (B)  FOR  PURPOSES  OF  THIS SUBSECTION, THE TERM "SUBSTANTIAL DAMAGE"
   16  MEANS DAMAGE OF ANY ORIGIN SUSTAINED BY A STRUCTURE WHEREBY THE COST  OF
   17  RESTORING  THE  STRUCTURE TO ITS BEFORE DAMAGED CONDITION WOULD EQUAL OR
   18  EXCEED FIFTY PERCENT OF THE MARKET VALUE OF  THE  STRUCTURE  BEFORE  THE
   19  DAMAGE OCCURRED.
   20    (3)  ELIGIBILITY.  (A)  THE  CREDIT  SHALL  ONLY  BE ALLOWED WHERE THE
   21  AFFECTED PROPERTY IS LOCATED  IN  A  COUNTY  IN  THIS  STATE  WHICH  WAS
   22  DECLARED  A FEDERAL DISASTER AREA AND IS ELIGIBLE TO RECEIVE FEDERAL AID
   23  OR ASSISTANCE FROM THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS  A  RESULT
   24  OF HURRICANE IRENE OR TROPICAL STORM LEE IN TWO THOUSAND ELEVEN.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05830-01-3
       A. 5248                             2
    1    (B)  THE  CREDIT  UNDER  THIS  SUBSECTION SHALL ONLY BE ALLOWED IF THE
    2  PROPERTY IS CONSIDERED THE TAXPAYER'S PRIMARY RESIDENCE.
    3    (4)  APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
    4  SUBSECTION SHALL EXCEED THE TAXPAYER'S TAX FOR  SUCH  YEAR,  THE  EXCESS
    5  SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
    6  ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
    7  ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
    8    S 2. This act shall take effect immediately.