Bill Text: NY A06243 | 2015-2016 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Creates a disabled person retrofit tax credit.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Engrossed - Dead) 2016-05-16 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [A06243 Detail]

Download: New_York-2015-A06243-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6243
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 18, 2015
                                      ___________
       Introduced by M. of A. WEPRIN -- read once and referred to the Committee
         on Ways and Means
       AN  ACT  to amend the tax law, in relation to creating a disabled person
         retrofit tax 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 (ccc) to read as follows:
    3    (CCC) DISABLED PERSON RETROFIT  TAX  CREDIT.  (1)  FOR  TAXABLE  YEARS
    4  BEGINNING  ON  OR  AFTER JANUARY FIRST, TWO THOUSAND SIXTEEN, A TAXPAYER
    5  SHALL BE ALLOWED A CREDIT,  TO  BE  COMPUTED  AS  HEREINAFTER  PROVIDED,
    6  AGAINST  THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL
    7  BE EQUAL TO THIRTY PERCENT OF THE COST OF THE EXPENDITURES MADE  BY  THE
    8  TAXPAYER WITH RESPECT TO THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A
    9  DWELLING  OCCUPIED  BY  THE TAXPAYER AS HIS OR HER PRIMARY RESIDENCE AND
   10  MAY BE ALLOWED IN THE TAXABLE YEAR IN WHICH THE EXPENDITURE IS INCURRED;
   11  PROVIDED THAT THE LIFETIME CREDIT ALLOWABLE WITH REGARD TO  EXPENDITURES
   12  FOR  THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A PARTICULAR DWELLING
   13  BY ANY TAXPAYER SHALL NOT EXCEED FIVE THOUSAND DOLLARS IN THE  AGGREGATE
   14  FOR  IMPROVEMENTS  MADE  TO  THAT DWELLING. SUBJECT TO THE PROVISIONS OF
   15  THIS SUBSECTION, A TAXPAYER SHALL BE ALLOWED A  CREDIT,  NOT  TO  EXCEED
   16  FIVE  THOUSAND  DOLLARS  IN  THE  AGGREGATE,  FOR EACH DWELLING THAT THE
   17  TAXPAYER OCCUPIES AS HIS OR HER  PRIMARY  RESIDENCE  AND  AT  WHICH  THE
   18  TAXPAYER INSTALLS QUALIFIED IMPROVEMENTS.
   19    (2)  AS  USED  IN  THIS  SUBSECTION "QUALIFIED IMPROVEMENTS" MEANS THE
   20  INSTALLATION OF:
   21    (A) A NO-STEP ENTRANCE OR ENTRANCES ALLOWING  ACCESS  INTO  THE  RESI-
   22  DENCE;
   23    (B)  INTERIOR  PASSAGE DOORS PROVIDING AT LEAST A THIRTY-TWO INCH WIDE
   24  OPENING;
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06904-01-5
       A. 6243                             2
    1    (C) REINFORCEMENTS IN BATHROOM WALLS  ALLOWING  INSTALLATION  OF  GRAB
    2  BARS AROUND THE TOILET, TUB AND SHOWER; AND
    3    (D) LIGHT SWITCHES AND OUTLETS PLACED IN LOCATIONS ACCESSIBLE TO DISA-
    4  BLED PERSONS.
    5    (3)  IF  THE  AMOUNT  OF  CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL
    6  EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED  OVER
    7  TO  THE  FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S
    8  TAX FOR SUCH YEAR OR YEARS.
    9    (4) (A) THE PROVISIONS OF THIS  SUBSECTION  SHALL  NOT  APPLY  TO  ANY
   10  DWELLING OWNED SOLELY FOR COMMERCIAL PURPOSES. IN THE CASE OF A BUILDING
   11  WHERE  LESS  THAN  THE  ENTIRE  BUILDING  IS  USED AS A RESIDENCE OF THE
   12  TAXPAYER, ONLY THE PORTION OF THE TOTAL EXPENDITURES MADE IN THE  BUILD-
   13  ING  THAT  IS  ATTRIBUTABLE  TO  THE  RESIDENCE OF THE TAXPAYER SHALL BE
   14  TREATED AS QUALIFIED EXPENDITURES FOR THE PURPOSES OF THIS SUBSECTION.
   15    (B) IF THE TAXPAYER OCCUPIES THE DWELLING AS HIS OR HER PRIMARY  RESI-
   16  DENCE  FOR  ONLY  A  PORTION  OF A TAX YEAR IN WHICH A CREDIT UNDER THIS
   17  SUBSECTION IS CLAIMED, THE AMOUNT  OF  THE  ALLOWABLE  CREDIT  SHALL  BE
   18  REDUCED  IN PROPORTION TO THE AMOUNT OF TIME THE TAXPAYER DID NOT OCCUPY
   19  THE DWELLING AS HIS OR HER PRIMARY RESIDENCE.
   20    (C) IN THE CASE OF A DWELLING THAT IS OWNED BY AND IS A  RESIDENCE  OF
   21  TWO  OR  MORE PERSONS, OTHER THAN A HUSBAND AND WIFE, THE PORTION OF THE
   22  TOTAL EXPENDITURES MADE IN THE REHABILITATION OF THE  BUILDING  THAT  IS
   23  ATTRIBUTABLE  TO EACH TAXPAYER SHALL BE EQUAL TO THE TAXPAYER'S SHARE OF
   24  OWNERSHIP IN SUCH BUILDING.
   25    (5) THE TAXPAYER SHALL FURNISH SUCH INFORMATION  AS  THE  COMMISSIONER
   26  DETERMINES IS NECESSARY TO DETERMINE ANY CREDIT UNDER THIS SUBSECTION.
   27    S  2.  This  act  shall take effect immediately and shall be deemed to
   28  have been in full force  and  effect  on  and  after  January  1,  2016;
   29  provided further, this act shall apply to all tax years commencing on or
   30  after January 1, 2016.