Bill Text: NY S06935 | 2017-2018 | General Assembly | Introduced

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Bill Title: Establishes a tax credit up to fifty percent of the cost of such modifications, repairs and improvements, not exceeding three thousand dollars, for homeowners who invest in certain stormwater modifications, repairs and improvements.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S06935 Detail]

Download: New_York-2017-S06935-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6935
                               2017-2018 Regular Sessions
                    IN SENATE
                                    November 3, 2017
                                       ___________
        Introduced  by  Sen.  JACOBS -- 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  credits  against  tax  for
          homeowners who invest in certain stormwater modifications, repairs and
          improvements
          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 homeowners to invest in certain stormwater modifica-
     4  tions, repairs and improvements. (1) Homeowners who construct  modifica-
     5  tions,  repairs  and  improvements during the taxable year to their real
     6  property to limit the amount of stormwater runoff so as to not  overbur-
     7  den  the  single  sewer system in certain areas that are under a consent
     8  order from the department of environmental conservation shall be  eligi-
     9  ble  to receive a tax credit for up to fifty percent of the cost of such
    10  modifications, repairs and improvements, not  exceeding  three  thousand
    11  dollars.
    12    (2)  For  purposes of this subsection, the following definitions shall
    13  apply:
    14    (A) "Homeowner" is defined as a New York resident for the  past  twen-
    15  ty-four months and who owns a single family or multi-family dwelling for
    16  residential purposes within New York state.
    17    (B)  "Modifications and repairs" shall mean any modifications, repairs
    18  and improvements to any stormwater  infrastructure,  conventional  piped
    19  drainage  and  water treatment systems designed to move storm water away
    20  from the homeowner's residence so as to not overburden  a  single  sewer
    21  system in certain areas.
    22    (3)  The  provisions  of this section shall not apply to any homeowner
    23  who lives in a city with a population of one million or more.
    24    § 2. This act shall take effect immediately and shall apply to taxable
    25  years commencing on and after such date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11468-02-7