Bill Text: NY S06234 | 2023-2024 | General Assembly | Introduced
Bill Title: Establishes up to a $500 personal income tax credit for the purchase of a gun safe.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2024-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S06234 Detail]
Download: New_York-2023-S06234-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6234 2023-2024 Regular Sessions IN SENATE April 5, 2023 ___________ Introduced by Sen. LANZA -- 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 personal income tax credit for the purchase of a gun safe 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 (ooo) to read as follows: 3 (ooo) Gun safe credit. (1) Allowance of credit. A taxpayer shall be 4 allowed a credit against the tax imposed by this article for the amount 5 incurred by the taxpayer during the taxable year for the purchase of a 6 gun safe. 7 (2) Credit limitation. The amount of the credit that may be claimed by 8 a taxpayer pursuant to this subsection shall not exceed five hundred 9 dollars in any taxable year, and such credit may be claimed not more 10 frequently than once every ten taxable years. 11 (3) Application of credit. If the amount of the credit under this 12 subsection for a taxable year shall exceed the taxpayer's tax for such 13 year, the excess shall be treated as an overpayment of tax to be credit- 14 ed or refunded in accordance with the provisions of section six hundred 15 eighty-six of this article; provided, however, that no interest shall be 16 paid thereon. 17 § 2. This act shall take effect immediately, and shall apply to the 18 taxable year in which it takes effect and all subsequent taxable years. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09780-01-3