Bill Text: NY S03005 | 2015-2016 | General Assembly | Amended
Bill Title: Provides a tax credit to homeowners who repair cock loft fire hazards in their homes.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2016-06-17 - referred to ways and means [S03005 Detail]
Download: New_York-2015-S03005-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 3005--A 2015-2016 Regular Sessions IN SENATE February 2, 2015 ___________ Introduced by Sen. ADDABBO -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee and committed to the Committee on Finance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to providing a tax credit for a portion of the cost of repairing certain fire hazards 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) Credit for repairing certain fire hazards. (1) Any resident 4 owner of real property as defined in section one hundred two of the 5 real property tax law shall be allowed a credit against the tax other- 6 wise imposed under this article in an amount equal to thirty percent of 7 the cost of repairing fire hazards commonly known as cock lofts, 8 provided that such credit shall not exceed five hundred dollars. For 9 purposes of this section the term "cock loft" shall mean a completely 10 enclosed space between rafters and a suspended ceiling. 11 (2) If the amount of the credit allowed under this subsection for any 12 taxable year shall exceed the taxpayer's tax for such year, the excess 13 shall be treated as an overpayment of tax to be credited or refunded in 14 accordance with the provisions of section six hundred eighty-six of this 15 article, provided, however, that no interest shall be paid thereon. 16 § 2. This act shall take effect immediately and shall apply to taxable 17 years beginning on or after January 1, 2016. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01820-02-6
