Bill Text: NY A09231 | 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: Moderate Partisan Bill (Democrat 18-4)

Status: (Introduced - Dead) 2012-05-16 - print number 9231a [A09231 Detail]

Download: New_York-2011-A09231-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         9231
                                 I N  A S S E M B L Y
                                   February 7, 2012
                                      ___________
       Introduced  by  M.  of  A.  DenDEKKER  --  read once and referred to the
         Committee on Ways and Means
       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
   27                                       FIFTY-SIX
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14237-01-2
       A. 9231                             2
    1    S 3. Section 606 of the tax law is amended by adding a new  subsection
    2  (s-1) to read as follows:
    3    (S-1)  CREDIT  FOR  PURCHASE  AND INSTALLATION OF A SECURITY SYSTEM. A
    4  TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED, AGAINST  THE
    5  TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE AND INSTALLATION OF A SECU-
    6  RITY  SYSTEM,  AS  SUCH  TERM IS DEFINED IN SUBDIVISION TWENTY-FOUR-A OF
    7  SECTION TWO HUNDRED TEN OF THIS CHAPTER, PROVIDED SUCH  TAXPAYER  REGIS-
    8  TERS  SUCH  SYSTEM  WITH THE DIVISION OF HOMELAND SECURITY AND EMERGENCY
    9  SERVICES.   THE AMOUNT OF CREDIT SHALL EQUAL  THE  AMOUNT  PAID  BY  THE
   10  TAXPAYER  DURING  THE  TAXABLE YEAR, UP TO FIVE HUNDRED DOLLARS, FOR THE
   11  PURCHASE AND INSTALLATION OF ANY SECURITY SYSTEM. A TAXPAYER  SHALL  NOT
   12  BE ALLOWED A TAX CREDIT UNDER THIS SUBSECTION IF SUCH TAXPAYER PREVIOUS-
   13  LY RECEIVED A TAX CREDIT UNDER THIS SUBSECTION.
   14    S 4. Section 1456 of the tax law is amended by adding a new subsection
   15  (j-1) to read as follows:
   16    (J-1)  CREDIT  FOR  PURCHASE AND INSTALLATION OF A SECURITY SYSTEM.  A
   17  TAXPAYER SHALL BE ALLOWED A  CREDIT  AS  PROVIDED  IN  THIS  SUBSECTION,
   18  AGAINST  THE  TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE AND INSTALLA-
   19  TION OF A SECURITY SYSTEM, AS SUCH TERM IS DEFINED IN SUBDIVISION  TWEN-
   20  TY-FOUR-A  OF  SECTION  TWO  HUNDRED  TEN OF THIS CHAPTER, PROVIDED SUCH
   21  TAXPAYER REGISTERS SUCH SYSTEM WITH THE DIVISION  OF  HOMELAND  SECURITY
   22  AND EMERGENCY SERVICES. THE AMOUNT OF CREDIT SHALL EQUAL THE AMOUNT PAID
   23  BY THE TAXPAYER DURING THE TAXABLE YEAR, UP TO FIVE HUNDRED DOLLARS, FOR
   24  THE PURCHASE AND INSTALLATION OF ANY SECURITY SYSTEM. THE CREDIT ALLOWED
   25  UNDER  THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE
   26  FOR SUCH YEAR TO LESS THAN THE MINIMUM TAX FIXED BY  SUBSECTION  (B)  OF
   27  SECTION  FOURTEEN  HUNDRED  FIFTY-FIVE OF THIS ARTICLE. A TAXPAYER SHALL
   28  NOT BE ALLOWED A TAX CREDIT  UNDER  THIS  SUBSECTION  IF  SUCH  TAXPAYER
   29  PREVIOUSLY RECEIVED A TAX CREDIT UNDER THIS SUBSECTION.
   30    S  5.  Section 1511 of the tax law is amended by adding a new subdivi-
   31  sion (1-1) to read as follows:
   32    (1-1) CREDIT FOR PURCHASE  AND  INSTALLATION  OF  SECURITY  SYSTEM.  A
   33  TAXPAYER  SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED, AGAINST THE
   34  TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE AND INSTALLATION OF A SECU-
   35  RITY  SYSTEM, AS SUCH TERM IS DEFINED IN  SUBDIVISION  TWENTY-FOUR-A  OF
   36  SECTION TWO HUNDRED TEN OF THIS CHAPTER PROVIDED SUCH TAXPAYER REGISTERS
   37  SUCH  SYSTEM  WITH  THE  DIVISION  OF  HOMELAND  SECURITY  AND EMERGENCY
   38  SERVICES. THE AMOUNT OF CREDIT  SHALL  EQUAL  THE  AMOUNT  PAID  BY  THE
   39  TAXPAYER  DURING  THE  TAXABLE YEAR, UP TO FIVE HUNDRED DOLLARS, FOR THE
   40  PURCHASE AND INSTALLATION OF ANY SECURITY  SYSTEM.  THE  CREDIT  ALLOWED
   41  UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE
   42  FOR SUCH YEAR TO LESS THAN THE MINIMUM FIXED BY PARAGRAPH FOUR OF SUBDI-
   43  VISION  (A)  OF  SECTION FIFTEEN HUNDRED TWO OF THIS ARTICLE. A TAXPAYER
   44  SHALL NOT BE ALLOWED A TAX CREDIT UNDER THIS SUBDIVISION IF SUCH TAXPAY-
   45  ER PREVIOUSLY RECEIVED A TAX CREDIT UNDER THIS SUBDIVISION.
   46    S 6. This act shall take effect immediately and shall apply to taxable
   47  years commencing on or after January 1, 2013.