STATE OF NEW YORK
________________________________________________________________________
6937--A
IN SENATE
March 8, 2016
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations -- reported favorably from said committee and commit-
ted 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 establishment of a credit
for the purchase and installation of a security camera system on resi-
dential-, commercial- and non-profit owned properties
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:
1 Section 1. The tax law is amended by adding a new section 43 to read
2 as follows:
3 § 43. Credit for purchase and installation of a security camera system
4 on property located in New York state. (a) Allowance of credit. A
5 property owner who is subject to tax under articles nine, nine-A, twen-
6 ty-two, thirty-two or thirty-three of this chapter, shall be allowed a
7 one-time credit against such tax for the purchase and installation of a
8 qualified security camera system on a property located in New York
9 state. The amount of such credit shall be five hundred dollars. The
10 credit shall be allowable for owners of residential or commercial prop-
11 erties and for property owners incorporated pursuant to the terms of the
12 not-for-profit corporation law. A property owner claiming a credit
13 against tax as provided in this section may claim it against tax owed
14 under only one article of this chapter.
15 (b) Definitions. The term "qualified security camera system" means
16 expenditures for the purchase of a camera system, materials and labor
17 costs properly allocable to on-site preparation, assembly and original
18 installation. Such camera system shall be capable of recording and stor-
19 ing camera footage for up to forty-eight hours.
20 (c) When credit allowed. The credit provided for herein shall be
21 allowed with respect to the taxable year commencing in which the securi-
22 ty camera system is installed.
23 (d) Carryover of credit. If the amount of the credit, and carryovers
24 of such credit, allowable under this subsection for any taxable year
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13781-06-6
S. 6937--A 2
1 shall exceed the taxpayer's tax for such year, such excess amount may be
2 carried over to the five taxable years next following the taxable year
3 with respect to which the credit is allowed and may be deducted from the
4 taxpayer's tax for such year or years.
5 § 2. Section 606 of the tax law is amended by adding a new subsection
6 (v) to read as follows:
7 (v) Credit for purchase and installation of security camera system on
8 residential property located in New York state. (1) Allowance of cred-
9 it. A taxpayer who is a homeowner shall be allowed a one-time credit
10 for purchase and installation of a security camera system on a residen-
11 tial property owned by such taxpayer and located in New York state, to
12 be computed as provided in section forty-three of this chapter, against
13 the tax imposed by this article.
14 (2) Carryover of credit. If the amount of the credit, and carryovers
15 of such credit, allowable under this subsection for any taxable year
16 shall exceed the taxpayer's tax for such year, such excess amount may be
17 carried over to the five taxable years next following the taxable year
18 with respect to which the credit is allowed and may be deducted from the
19 taxpayer's tax for such year or years.
20 § 3. The tax law is amended by adding a new section 187-t to read as
21 follows:
22 § 187-t. Credit for purchase and installation of a security camera
23 system on property located in New York state. 1. Allowance of credit. A
24 taxpayer shall be allowed a credit, to be computed as provided in
25 section forty-three this chapter, against the taxes imposed by sections
26 one hundred eighty-three, one hundred eighty-four and one hundred eight-
27 y-five of this article. Provided, however, that the amount of such
28 credit allowable against the tax imposed by section one hundred eighty-
29 four of this article shall be the excess of the amount of such credit
30 over the amount of any credit allowed by this section against the tax
31 imposed by section one hundred eighty-three of this article.
32 2. Application of credit. In no event shall the credit under this
33 section be allowed in an amount which will reduce the tax payable to
34 less than the applicable minimum tax fixed by section one hundred eight-
35 y-three or one hundred eighty-five of this article. If, however, the
36 amount of credit allowable under this section for any taxable year
37 reduces the tax to such amount, any amount of credit not deductible in
38 such taxable year shall be treated as an overpayment of tax to be
39 refunded in accordance with the provisions of section one thousand
40 eighty-six of this chapter. Provided, however, the provisions of
41 subsection (c) of section one thousand eighty-eight of this chapter
42 notwithstanding, no interest shall be paid thereon.
43 § 4. Section 210-B of the tax law is amended by adding a new subdivi-
44 sion 52 to read as follows:
45 52. Credit for purchase and installation of a security camera system
46 on property located in New York state. (a) Allowance of credit. A
47 taxpayer shall be allowed a credit, to be computed as provided in subdi-
48 vision (a) of section forty-three of this chapter, against the tax
49 imposed by this article.
50 (b) Application of credit. In no event shall the credit under this
51 section be allowed in an amount which will reduce the tax to less than
52 the amount prescribed in paragraph (d) of subdivision one of this
53 section. If, however, the amount of credit allowed under this section
54 for any taxable year reduces the tax to such amount, any amount of cred-
55 it not deductible in such taxable year shall be treated as an overpay-
56 ment of tax to be refunded in accordance with the provisions of section
S. 6937--A 3
1 one thousand eighty-six of this chapter, provided however, that no
2 interest shall be paid thereon.
3 § 5. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
4 of the tax law is amended by adding a new clause (xliii) to read as
5 follows:
6 (xliii) credit for purchase Amount of credit under
7 and tax installation of a section forty-three
8 security camera system under
9 subsection (v)
10 § 6. Section 1511 of the tax law is amended by adding a new subdivi-
11 sion (dd) to read as follows:
12 (dd) Credit for purchase and installation of a security camera system
13 on property located in New York state. (1) Allowance of credit. A
14 taxpayer shall be allowed a credit, to be computed as provided in
15 section forty-three of this chapter, against the taxes imposed by this
16 article.
17 (2) Application of credit. The credit allowed under this subdivision
18 for any taxable year shall not reduce the tax due for such year to less
19 than the minimum fixed by paragraph four of subdivision (a) of section
20 fifteen hundred two of this article. However, if the amount of credits
21 allowed under this subdivision for any taxable year reduces the tax to
22 such amount, any amount of credit thus not deductible in such taxable
23 year shall be treated as an overpayment of tax to be credited or
24 refunded in accordance with the provisions of section one thousand
25 eighty-six of this chapter. Provided, however, the provisions of
26 subsection (c) of section one thousand eighty-eight of this chapter
27 notwithstanding, no interest shall be paid thereon.
28 § 7. This act shall take effect January 1, 2017; provided, however, if
29 this act shall become a law after such date it shall take effect imme-
30 diately and shall be deemed to have been in full force and effect on and
31 after January 1, 2017.