Bill Text: NY S00511 | 2013-2014 | General Assembly | Introduced

New York Senate Bill 511 (Prior Session Legislation)

Introduced

Bill Title: Establishes a tax credit for personal property replacement as a result of bedbug infestation; credit of 15% not to exceed $750; certification determined by commissioner.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-08 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00511 Detail]

Download: New_York-2013-S00511-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          511
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       Introduced by Sen. ESPAILLAT -- 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 establishing a tax credit
         for personal property replacement as a result of bedbug infestation
         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 (vv) to read as follows:
    3    (VV) PERSONAL PROPERTY REPLACEMENT CREDIT. (1) GENERAL. AN  INDIVIDUAL
    4  TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
    5  CLE  EQUAL TO FIFTEEN PERCENT OF QUALIFIED PERSONAL PROPERTY REPLACEMENT
    6  EXPENDITURES, AND NOT TO EXCEED SEVEN HUNDRED FIFTY DOLLARS.
    7    (2) QUALIFIED PERSONAL PROPERTY REPLACEMENT EXPENDITURES. (A) THE TERM
    8  "QUALIFIED PERSONAL PROPERTY REPLACEMENT  EXPENDITURES"  MEANS  EXPENDI-
    9  TURES  MADE  FOR  THE  REPLACEMENT  OF  PERSONAL  PROPERTY DUE TO BEDBUG
   10  DAMAGE.
   11    (B) SUCH QUALIFIED EXPENDITURES SHALL INCLUDE BUT NOT  BE  LIMITED  TO
   12  FURNITURE, RUGS OR OTHER HOME GOODS THAT MAY BE DAMAGED BY BEDBUG INFES-
   13  TATION.
   14    (C)  SUCH  QUALIFIED  PERSONAL PROPERTY REPLACEMENT EXPENDITURES SHALL
   15  NOT INCLUDE INTEREST OR OTHER FINANCE CHARGES.
   16    (3) CERTIFICATION FOR CREDIT ALLOWANCE. THE COMMISSIONER SHALL  DETER-
   17  MINE  THE PROCEDURE FOR CERTIFICATION FOR THE CREDIT AUTHORIZED PURSUANT
   18  TO THIS SUBSECTION.
   19    S 2. This act shall take effect immediately and shall apply to taxable
   20  years beginning on and after the first of January  next  succeeding  the
   21  date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01943-01-3