Bill Text: NY S05985 | 2013-2014 | General Assembly | Introduced
Bill Title: Establishes an income tax credit for flood victims in certain counties in the amount of property taxes paid on property which sustained substantial damage as a result of flooding in the period from June 20, 2013 to and including August 9, 2013.
Spectrum: Moderate Partisan Bill (Republican 6-1)
Status: (Engrossed - Dead) 2014-01-27 - referred to ways and means [S05985 Detail]
Download: New_York-2013-S05985-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
5985
2013-2014 Regular Sessions
I N S E N A T E
November 15, 2013
___________
Introduced by Sens. SEWARD, FARLEY, GRIFFO, MAZIARZ, O'MARA -- read
twice and ordered printed, and when printed to be committed to the
Committee on Rules
AN ACT to amend the tax law, in relation to establishing a tax credit
for certain flood victims
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subsections (yy) and (zz) of section 606 of the tax law,
2 as relettered by section 5 of part H of chapter 1 of the laws of 2003,
3 are relettered subsections (yyy) and (zzz) and a new subsection (xx) is
4 added to read as follows:
5 (XX) TAX CREDIT FOR VICTIMS OF FLOODING IN THE FOLLOWING COUNTIES
6 DURING THE PERIOD FROM JUNE TWENTIETH, TWO THOUSAND THIRTEEN TO AND
7 INCLUDING AUGUST NINTH, TWO THOUSAND THIRTEEN: ONEIDA, HERKIMER, MADI-
8 SON, MONTGOMERY, TOMPKINS, CORTLAND, CHEMUNG, SCHUYLER, STEUBEN, AND
9 NIAGARA.
10 (1) ALLOWANCE OF CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CRED-
11 IT FOR TAXABLE YEARS TWO THOUSAND THIRTEEN AND TWO THOUSAND FOURTEEN, TO
12 BE COMPUTED AS HEREINAFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS
13 ARTICLE. FOR PURPOSES OF THIS PARAGRAPH, THE TERM "QUALIFIED TAXPAYER"
14 MEANS A BUSINESS OR RESIDENT TAXPAYER.
15 (2) AMOUNT OF CREDIT. (A) THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO
16 THE AMOUNT OF SCHOOL TAXES PAID FOR THE TWO THOUSAND THIRTEEN--TWO THOU-
17 SAND FOURTEEN SCHOOL YEAR AND THE AMOUNT OF ANY CITY, VILLAGE, TOWN AND
18 COUNTY TAXES PAID IN TAXABLE YEAR TWO THOUSAND FOURTEEN WITH RESPECT TO
19 ANY PROPERTY WHICH RECEIVED SUBSTANTIAL DAMAGE AS A RESULT OF SEVERE
20 FLOODING DURING THE PERIOD OF JUNE TWENTIETH, TWO THOUSAND THIRTEEN TO
21 AUGUST NINTH, TWO THOUSAND THIRTEEN, INCLUSIVE.
22 (B) FOR PURPOSES OF THIS SUBSECTION, THE TERM "SUBSTANTIAL DAMAGE"
23 MEANS DAMAGE OF ANY ORIGIN SUSTAINED BY A STRUCTURE WHEREBY THE COST OF
24 RESTORING THE STRUCTURE TO ITS BEFORE DAMAGED CONDITION WOULD EQUAL OR
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11936-02-3
S. 5985 2
1 EXCEED FIFTY PERCENT OF THE MARKET VALUE OF THE STRUCTURE BEFORE THE
2 DAMAGE OCCURRED.
3 (3) ELIGIBILITY. (A) THE CREDIT SHALL ONLY BE ALLOWED WHERE THE
4 AFFECTED PROPERTY IS LOCATED IN A COUNTY IN THIS STATE WHICH WAS
5 DECLARED BY THE GOVERNOR TO BE A STATE DISASTER EMERGENCY DECLARATION
6 AREA OR HAS SOUGHT OR IS ELIGIBLE TO RECEIVE FEDERAL AID OR ASSISTANCE
7 FROM THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS A RESULT OF SEVERE
8 FLOODING DURING THE PERIOD OF JUNE TWENTIETH, TWO THOUSAND THIRTEEN TO
9 AUGUST NINTH, TWO THOUSAND THIRTEEN, INCLUSIVE.
10 (B) THE CREDIT UNDER THIS SUBSECTION SHALL ONLY BE ALLOWED IF THE
11 PROPERTY IS CONSIDERED THE TAXPAYER'S PRIMARY RESIDENCE.
12 (4) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
13 SUBSECTION SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS
14 SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
15 ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
16 ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
17 S 2. This act shall take effect immediately.
