Bill Text: NY A06693 | 2013-2014 | General Assembly | Introduced

New York Assembly Bill 6693 (Prior Session Legislation)

Introduced

Bill Title: Provides for an increase in federal itemized deduction for certain home improvements; a fifty percent tax exemption is provided to a residential property owner of a one, two or three family home for improvements that will promote environmental quality; limits the deduction to $1,000 in any one tax year.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-08 - referred to ways and means [A06693 Detail]

Download: New_York-2013-A06693-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 4632                                                  A. 6693
                              2013-2014 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                    April 16, 2013
                                      ___________
       IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
         ed,  and  when  printed  to  be committed to the Committee on Investi-
         gations and Government Operations
       IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once  and  referred
         to the Committee on Ways and Means
       AN  ACT  to  amend  the tax law, in relation to modifications increasing
         federal itemized deductions for home improvements
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. Subsection (d) of section 615 of the tax law is amended by
    2  adding a new paragraph 5 to read as follows:
    3    (5) AN AMOUNT, NOT TO EXCEED FIFTY PERCENT OF THE AMOUNT EXPENDED BY A
    4  TAXPAYER WHO IS THE OWNER OF A ONE, TWO OR THREE FAMILY HOME FOR  MAKING
    5  AN  IMPROVEMENT  TO  SAID HOME WHICH WILL PROMOTE ENVIRONMENTAL QUALITY,
    6  INCLUDING THE REPLACEMENT OR UPGRADE OF AN  INDIVIDUAL  SEWAGE  DISPOSAL
    7  SYSTEM,  REPLACEMENT OR UPGRADE OF FUEL OIL TANKS, OR THE INSTALLMENT OF
    8  A STORM WATER COLLECTION AND RECHARGE SYSTEM. THIS DEDUCTION IS  LIMITED
    9  TO ONE THOUSAND DOLLARS IN ANY ONE TAX YEAR.
   10    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10094-01-3