Bill Text: NY A04227 | 2015-2016 | General Assembly | Introduced

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Bill Title: Provides a tax credit for the installation of fire sprinkler systems.

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A04227 Detail]

Download: New_York-2015-A04227-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4227
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 29, 2015
                                      ___________
       Introduced  by  M. of A. DenDEKKER, ENGLEBRIGHT, CAHILL -- read once and
         referred to the Committee on Ways and Means
       AN ACT to amend the tax law, in relation to providing  tax  credits  for
         the installation of fire sprinkler systems
         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) FIRE SPRINKLER TAX CREDIT FOR RESIDENTIAL PROPERTIES. (1) ALLOW-
    4  ANCE  OF CREDIT. A TAXPAYER WHO IS A RESIDENTIAL PROPERTY OWNER SHALL BE
    5  ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER  PROVIDED,  AGAINST  THE
    6  TAX  IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO
    7  TWENTY-FIVE PERCENT OF THE COST OF THE LABOR  AND  MATERIALS  NEEDED  TO
    8  INSTALL SPRINKLER SYSTEMS AS DEFINED BY SECTION ONE HUNDRED FIFTY-FIVE-A
    9  OF  THE  EXECUTIVE  LAW,  BY  THE  RESIDENTIAL PROPERTY OWNER, PROVIDED,
   10  HOWEVER, THAT THIS SUBSECTION SHALL APPLY ONLY TO RESIDENTIAL PROPERTIES
   11  IN MUNICIPALITIES THAT DO NOT ALREADY REQUIRE FIRE SPRINKLER SYSTEMS  BE
   12  INSTALLED.
   13    (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
   14  THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
   15  SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
   16  CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
   17  HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
   18  SHALL BE PAID THEREON.
   19    S  2. Section 210-b of the tax law is amended by adding a new subdivi-
   20  sion 49 to read as follows:
   21    49. FIRE SPRINKLER TAX CREDIT FOR RESIDENTIAL PROPERTIES.  (1)  ALLOW-
   22  ANCE  OF CREDIT. A TAXPAYER WHO IS A RESIDENTIAL PROPERTY OWNER SHALL BE
   23  ALLOWED A CREDIT, TO BE COMPUTER AS HEREINAFTER  PROVIDED,  AGAINST  THE
   24  TAX  IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO
   25  TWENTY-FIVE PERCENT OF THE COST OF THE LABOR  AND  MATERIALS  NEEDED  TO
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08009-01-5
       A. 4227                             2
    1  INSTALL SPRINKLER SYSTEMS AS DEFINED BY SECTION ONE HUNDRED FIFTY-FIVE-A
    2  OF  THE  EXECUTIVE  LAW,  BY  THE  RESIDENTIAL PROPERTY OWNER, PROVIDED,
    3  HOWEVER, THAT THIS SUBDIVISION SHALL APPLY ONLY TO  RESIDENTIAL  PROPER-
    4  TIES  IN  MUNICIPALITIES  THAT  DO  NOT  ALREADY  REQUIRE FIRE SPRINKLER
    5  SYSTEMS BE INSTALLED.
    6    (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
    7  THIS  SUBDIVISION  FOR  ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX
    8  FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO
    9  BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
   10  HUNDRED  EIGHTY-SIX OF THIS CHAPTER, PROVIDED, HOWEVER, THAT NO INTEREST
   11  SHALL BE PAID THEREON.
   12    S 3. This act shall take effect immediately.