Bill Text: NY S06797 | 2011-2012 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Provides a one time tax credit in the amount of $500 for the purchase and installation of a security system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-05-31 - REPORTED AND COMMITTED TO FINANCE [S06797 Detail]

Download: New_York-2011-S06797-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6797
                                   I N  S E N A T E
                                    March 22, 2012
                                      ___________
       Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in relation to providing a tax  credit  for
         the purchase and installation of a security system
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
    2  subdivision 24-a to read as follows:
    3    24-A.  CREDIT FOR PURCHASE AND INSTALLATION OF SECURITY SYSTEM.  (A) A
    4  TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED  IN  THIS
    5  SUBDIVISION,  AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR THE PURCHASE,
    6  OTHER THAN FOR RESALE, OF A  SECURITY  SYSTEM,  PROVIDED  SUCH  TAXPAYER
    7  REGISTERS  SUCH  SYSTEM WITH THE DIVISION OF HOMELAND SECURITY AND EMER-
    8  GENCY SERVICES. THE AMOUNT OF CREDIT SHALL EQUAL THE AMOUNT PAID BY  THE
    9  TAXPAYER  DURING  THE  TAXABLE YEAR, UP TO FIVE HUNDRED DOLLARS, FOR THE
   10  PURCHASE AND INSTALLATION OF ANY SECURITY SYSTEM.
   11    (B) FOR THE PURPOSES OF THIS SUBDIVISION, "SECURITY SYSTEM" IS DEFINED
   12  AS A CLOSED-CIRCUIT  TELEVISION  OR  OTHER  ELECTRONIC  SECURITY  SYSTEM
   13  INSTALLED TO DETECT INTRUSION, BREAK-IN, MOVEMENT, SOUND OR FIRE.
   14    (C)  A  TAXPAYER SHALL NOT BE ALLOWED A TAX CREDIT UNDER THIS SUBDIVI-
   15  SION IF SUCH TAXPAYER PREVIOUSLY RECEIVED A TAX CREDIT UNDER THIS SUBDI-
   16  VISION.
   17    S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
   18  of  the  tax  law  is  amended by adding a new clause (xxxiv) to read as
   19  follows:
   20  (XXXIV) CREDIT FOR PURCHASE          PURCHASE AND INSTALLATION
   21  AND INSTALLATION OF A                COSTS OF A SECURITY SYSTEM
   22  SECURITY SYSTEM                      UNDER SUBDIVISION
   23  UNDER SUBSECTION (S-1)               TWENTY-FOUR-A OF SECTION
   24                                       TWO HUNDRED TEN OR
   25                                       SUBSECTION (J-1) OF
   26                                       SECTION FOURTEEN HUNDRED
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14237-01-2
       S. 6797                             2
    1                                       FIFTY-SIX
    2    S  3. Section 606 of the tax law is amended by adding a new subsection
    3  (s-1) to read as follows:
    4    (S-1) CREDIT FOR PURCHASE AND INSTALLATION OF  A  SECURITY  SYSTEM.  A
    5  TAXPAYER  SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED, AGAINST THE
    6  TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE AND INSTALLATION OF A SECU-
    7  RITY SYSTEM, AS SUCH TERM IS DEFINED  IN  SUBDIVISION  TWENTY-FOUR-A  OF
    8  SECTION  TWO  HUNDRED TEN OF THIS CHAPTER, PROVIDED SUCH TAXPAYER REGIS-
    9  TERS SUCH SYSTEM WITH THE DIVISION OF HOMELAND  SECURITY  AND  EMERGENCY
   10  SERVICES.    THE  AMOUNT  OF  CREDIT  SHALL EQUAL THE AMOUNT PAID BY THE
   11  TAXPAYER DURING THE TAXABLE YEAR, UP TO FIVE HUNDRED  DOLLARS,  FOR  THE
   12  PURCHASE  AND  INSTALLATION OF ANY SECURITY SYSTEM. A TAXPAYER SHALL NOT
   13  BE ALLOWED A TAX CREDIT UNDER THIS SUBSECTION IF SUCH TAXPAYER PREVIOUS-
   14  LY RECEIVED A TAX CREDIT UNDER THIS SUBSECTION.
   15    S 4. Section 1456 of the tax law is amended by adding a new subsection
   16  (j-1) to read as follows:
   17    (J-1) CREDIT FOR PURCHASE AND INSTALLATION OF A SECURITY  SYSTEM.    A
   18  TAXPAYER  SHALL  BE  ALLOWED  A  CREDIT  AS PROVIDED IN THIS SUBSECTION,
   19  AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE  AND  INSTALLA-
   20  TION  OF A SECURITY SYSTEM, AS SUCH TERM IS DEFINED IN SUBDIVISION TWEN-
   21  TY-FOUR-A OF SECTION TWO HUNDRED TEN  OF  THIS  CHAPTER,  PROVIDED  SUCH
   22  TAXPAYER  REGISTERS  SUCH  SYSTEM WITH THE DIVISION OF HOMELAND SECURITY
   23  AND EMERGENCY SERVICES. THE AMOUNT OF CREDIT SHALL EQUAL THE AMOUNT PAID
   24  BY THE TAXPAYER DURING THE TAXABLE YEAR, UP TO FIVE HUNDRED DOLLARS, FOR
   25  THE PURCHASE AND INSTALLATION OF ANY SECURITY SYSTEM. THE CREDIT ALLOWED
   26  UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX  DUE
   27  FOR  SUCH  YEAR  TO LESS THAN THE MINIMUM TAX FIXED BY SUBSECTION (B) OF
   28  SECTION FOURTEEN HUNDRED FIFTY-FIVE OF THIS ARTICLE.  A  TAXPAYER  SHALL
   29  NOT  BE  ALLOWED  A  TAX  CREDIT  UNDER THIS SUBSECTION IF SUCH TAXPAYER
   30  PREVIOUSLY RECEIVED A TAX CREDIT UNDER THIS SUBSECTION.
   31    S 5. Section 1511 of the tax law is amended by adding a  new  subdivi-
   32  sion (1-1) to read as follows:
   33    (1-1)  CREDIT  FOR  PURCHASE  AND  INSTALLATION  OF SECURITY SYSTEM. A
   34  TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED, AGAINST  THE
   35  TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE AND INSTALLATION OF A SECU-
   36  RITY    SYSTEM,  AS SUCH TERM IS DEFINED IN SUBDIVISION TWENTY-FOUR-A OF
   37  SECTION TWO HUNDRED TEN OF THIS CHAPTER PROVIDED SUCH TAXPAYER REGISTERS
   38  SUCH SYSTEM  WITH  THE  DIVISION  OF  HOMELAND  SECURITY  AND  EMERGENCY
   39  SERVICES.  THE  AMOUNT  OF  CREDIT  SHALL  EQUAL  THE AMOUNT PAID BY THE
   40  TAXPAYER DURING THE TAXABLE YEAR, UP TO FIVE HUNDRED  DOLLARS,  FOR  THE
   41  PURCHASE  AND  INSTALLATION  OF  ANY SECURITY SYSTEM. THE CREDIT ALLOWED
   42  UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE
   43  FOR SUCH YEAR TO LESS THAN THE MINIMUM FIXED BY PARAGRAPH FOUR OF SUBDI-
   44  VISION (A) OF SECTION FIFTEEN HUNDRED TWO OF THIS  ARTICLE.  A  TAXPAYER
   45  SHALL NOT BE ALLOWED A TAX CREDIT UNDER THIS SUBDIVISION IF SUCH TAXPAY-
   46  ER PREVIOUSLY RECEIVED A TAX CREDIT UNDER THIS SUBDIVISION.
   47    S 6. This act shall take effect immediately and shall apply to taxable
   48  years commencing on or after January 1, 2013.