Bill Text: NY A09624 | 2017-2018 | General Assembly | Introduced

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Bill Title: Establishes a sump pump installation and replacement tax credit for homeowners who use the home as their principal residence and who have an income of less than $250,000.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-01-26 - referred to ways and means [A09624 Detail]

Download: New_York-2017-A09624-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9624
                   IN ASSEMBLY
                                    January 26, 2018
                                       ___________
        Introduced  by M. of A. WALLACE -- read once and referred to the Commit-
          tee on Ways and Means
        AN ACT to amend the tax law, in relation to  establishing  a  sump  pump
          installation and replacement 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)  Sump  pump installation and replacement credit. (1) General. An
     4  individual taxpayer shall be allowed a credit for taxable  years  begin-
     5  ning  on  or  after January first, two thousand nineteen against the tax
     6  imposed by this article for the costs replacement, repair  or  installa-
     7  tion  of  a sump pump, when such repair, replacement, or installation is
     8  recommended by a certified plumber or municipality. The  amount  of  the
     9  credit  shall be fifty percent of the total cost of replacement, repair,
    10  or installation.
    11    (2) Sump pump replacement, repair and installation costs. (A) The term
    12  "costs of replacement, repair or installation" includes the cost  of  an
    13  assessment  from  a  plumber,  any  initial appraisals, labor costs, any
    14  disposal fees, and any cleanup fees; except any state or local sales tax
    15  applicable to the services performed. (B) The  term  "costs  of  repair"
    16  includes  the  cost  of  an  assessment  from  a  plumber,  any  initial
    17  appraisals, labor costs, any disposal fees, and follow-up  fees;  except
    18  any state or local sales tax applicable to the services.
    19    (3)  Amount  of  credit.  The  aggregate amount of tax credits allowed
    20  under this subsection in any  calendar  year  statewide  shall  be  five
    21  million dollars.
    22    (4)  Installation and repair for qualified taxpayers. A property owner
    23  who incurs costs for repair or replacement of a sump pump must be  doing
    24  so on a residential or mixed use property which is:
    25    (A) located in the state;
    26    (B) owned by the taxpayer;
    27    (C) used by the taxpayer as his or her principal residence; and
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14014-01-7
        A. 9624                             2
     1    (D)  owned  by  a  taxpayer  with  a household income of less than two
     2  hundred fifty thousand dollars.
     3    (5) When credit is allowed. The credit provided for in this subsection
     4  shall  be  allowed  with  respect  to the taxable year, commencing after
     5  January first, two thousand nineteen in which the work is completed  and
     6  paid for.
     7    (6)  Carryover  credit. If the amount of the credit, and carryovers of
     8  such credit, allowable under this subsection for any taxable year  shall
     9  exceed  the  taxpayer's  tax  for  such  year, such excess amount may be
    10  carried over to the five taxable years next following the  taxable  year
    11  with respect to which the credit is allowed and may be deducted from the
    12  taxpayer's tax for such year or years.
    13    § 2. This act shall take effect immediately and shall apply to taxable
    14  years commencing on or after such effective date.