Bill Text: NY S06060 | 2011-2012 | General Assembly | Amended
Bill Title: Establishes an income tax credit for certain victims of Hurricane Irene and Tropical Storm Lee in the amount of property taxes paid on property which sustained substantial damage as a result of such storms.
Spectrum: Partisan Bill (Republican 8-0)
Status: (Introduced - Dead) 2012-01-31 - PRINT NUMBER 6060A [S06060 Detail]
Download: New_York-2011-S06060-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
6060--A
I N S E N A T E
(PREFILED)
January 4, 2012
___________
Introduced by Sens. SEWARD, BONACIC, FARLEY, HANNON, JOHNSON, LARKIN,
LITTLE, McDONALD -- read twice and ordered printed, and when printed
to be committed to the Committee on Investigations and Government
Operations -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee
AN ACT to amend the tax law, in relation to establishing a tax credit
for victims of Hurricane Irene and Tropical Storm Lee
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 (uu) to read as follows:
3 (UU) TAX CREDIT FOR VICTIMS OF HURRICANE IRENE AND TROPICAL STORM LEE.
4 (1) ALLOWANCE OF CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CREDIT
5 FOR TAXABLE YEARS TWO THOUSAND ELEVEN AND TWO THOUSAND TWELVE, TO BE
6 COMPUTED AS HEREINAFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTI-
7 CLE. FOR PURPOSES OF THIS PARAGRAPH, THE TERM "QUALIFIED TAXPAYER" MEANS
8 A BUSINESS OR RESIDENT TAXPAYER.
9 (2) AMOUNT OF CREDIT. (A) THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO
10 THE AMOUNT OF SCHOOL TAXES PAID FOR THE TWO THOUSAND ELEVEN-TWO THOUSAND
11 TWELVE SCHOOL YEAR AND THE AMOUNT OF ANY CITY, VILLAGE, TOWN AND COUNTY
12 TAXES PAID IN TAXABLE YEAR TWO THOUSAND TWELVE WITH RESPECT TO ANY PROP-
13 ERTY WHICH RECEIVED SUBSTANTIAL DAMAGE AS A RESULT OF HURRICANE IRENE OR
14 TROPICAL STORM LEE IN TWO THOUSAND ELEVEN.
15 (B) FOR PURPOSES OF THIS SUBSECTION, THE TERM "SUBSTANTIAL DAMAGE"
16 MEANS DAMAGE OF ANY ORIGIN SUSTAINED BY A STRUCTURE WHEREBY THE COST OF
17 RESTORING THE STRUCTURE TO ITS BEFORE DAMAGED CONDITION WOULD EQUAL OR
18 EXCEED FIFTY PERCENT OF THE MARKET VALUE OF THE STRUCTURE BEFORE THE
19 DAMAGE OCCURRED.
20 (3) ELIGIBILITY. (A) THE CREDIT SHALL ONLY BE ALLOWED WHERE THE
21 AFFECTED PROPERTY IS LOCATED IN A COUNTY IN THIS STATE WHICH WAS
22 DECLARED A FEDERAL DISASTER AREA AND IS ELIGIBLE TO RECEIVE FEDERAL AID
23 OR ASSISTANCE FROM THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS A RESULT
24 OF HURRICANE IRENE OR TROPICAL STORM LEE IN TWO THOUSAND ELEVEN.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13655-03-2
S. 6060--A 2
1 (B) THE CREDIT UNDER THIS SUBSECTION SHALL ONLY BE ALLOWED IF THE
2 PROPERTY IS CONSIDERED THE TAXPAYER'S PRIMARY RESIDENCE.
3 (4) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
4 SUBSECTION SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS
5 SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
6 ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
7 ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
8 S 2. This act shall take effect immediately.
