Bill Text: NY A08206 | 2021-2022 | General Assembly | Introduced

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Bill Title: Establishes an alternative wiring tax credit for homeowners and landlords replacing aluminum wiring with wiring made of any conductive material with a lower electrical resistance and lower thermal expansion coefficient than aluminum.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2022-06-01 - held for consideration in ways and means [A08206 Detail]

Download: New_York-2021-A08206-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8206

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                     August 25, 2021
                                       ___________

        Introduced by M. of A. LAWLER -- read once and referred to the Committee
          on Ways and Means

        AN  ACT to amend the tax law, in relation to establishing an alternative
          wiring tax credit

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The tax law is amended by adding a new section 47 to read
     2  as follows:
     3    § 47. Alternative wiring tax credit. (a) Allowance of credit. An indi-
     4  vidual taxpayer shall be allowed a credit against  the  tax  imposed  by
     5  this  article  if  such taxpayer replaces any aluminum wiring in a resi-
     6  dence owned by such taxpayer with an alternative wiring material.
     7    (b) Amount of credit. The amount of credit, allowable for up  to  five
     8  consecutive  taxable  years, shall be three thousand dollars per year. A
     9  taxpayer may claim such credit commencing in the first taxable  year  in
    10  which the taxpayer installs such alternative wiring material.
    11    (c)  Definitions.  For  purposes  of this section, "alternative wiring
    12  material" shall mean any conductive material  with  a  lower  electrical
    13  resistance and lower thermal expansion coefficient than aluminum.
    14    (d)  Cross  references.  For application of the credit provided for in
    15  this section, see the following provision of this chapter:  article  22:
    16  section 606:  subsection (nnn).
    17    §  2. Section 606 of the tax law is amended by adding a new subsection
    18  (nnn) to read as follows:
    19    (nnn) Alternative wiring  tax  credit.  (1)  Allowance  of  credit.  A
    20  taxpayer  shall  be  allowed  a  credit,  to  be computed as provided in
    21  section forty-seven of this chapter, against the  tax  imposed  by  this
    22  article.
    23    (2)  Application  of credit. If the amount of the credit allowed under
    24  this subsection for the taxable year exceeds the taxpayer's tax for such
    25  year, the excess shall be treated as an overpayment of tax to be credit-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11946-01-1
        A. 8206                             2

     1  ed or refunded in accordance with the provisions of section six  hundred
     2  eighty-six of this article, provided, however, that no interest shall be
     3  paid thereon.
     4    §  3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
     5  of the tax law is amended by adding a  new  clause  (xlix)  to  read  as
     6  follows:

     7       (xlix) Alternative         Amount of credit under
     8       wiring credit under        subdivision fifty-eight of
     9       subsection (nnn)           section two hundred ten-B
    10    §  4. Section 210-B of the tax law is amended by adding a new subdivi-
    11  sion 58 to read as follows:
    12    58. Alternative wiring tax credit. (1) Allowance of credit. A taxpayer
    13  shall be allowed a credit, to be computed as provided in section  forty-
    14  seven of this chapter, against the tax imposed by this article.
    15    (2)  Application  of credit. The credit allowed under this subdivision
    16  for any taxable year shall not reduce the tax due for such year to  less
    17  than  the  amount  prescribed  in  paragraph  (d)  of subdivision one of
    18  section two hundred ten of this article. Provided, however, that if  the
    19  amount  of  the  credit allowable under this subdivision for any taxable
    20  year reduces the tax to such amount or if the  taxpayer  otherwise  pays
    21  tax based on the fixed dollar minimum amount, the excess shall be treat-
    22  ed  as  an  overpayment  of tax to be credited or refunded in accordance
    23  with the provisions of section one thousand eighty-six of this  chapter.
    24  Provided, further, the provisions of subsection (c) of section one thou-
    25  sand  eighty-eight of this chapter notwithstanding, no interest shall be
    26  paid thereon.
    27    § 5. This act shall take effect immediately and shall apply to taxable
    28  years beginning on and after January 1, 2022.