Bill Text: NY S03174 | 2017-2018 | General Assembly | Amended

New York Senate Bill 3174 (Prior Session Legislation)

Bill Title: Provides for an increase in federal itemized deductions 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) 2018-02-22 - PRINT NUMBER 3174A [S03174 Detail]

Download: New_York-2017-S03174-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
            S. 3174--A                                            A. 2395--A
                               2017-2018 Regular Sessions
                SENATE - ASSEMBLY
                                    January 20, 2017
                                       ___________
        IN  SENATE -- Introduced by Sens. LAVALLE, DeFRANCISCO, GALLIVAN, LARKIN
          -- read twice and ordered printed, and when printed to be committed to
          the Committee on Investigations and Government Operations -- recommit-
          ted to the Committee on Investigations and  Government  Operations  in
          accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
          tee
        IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
          to the Committee on Ways and Means -- recommitted to the Committee  on
          Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
        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 6 to read as follows:
     3    (6) 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    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02124-02-8