Bill Text: NY S02101 | 2015-2016 | General Assembly | 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 (Republican 4-0)
Status: (Introduced - Dead) 2016-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S02101 Detail]
Download: New_York-2015-S02101-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