Bill Text: NY A06961 | 2023-2024 | General Assembly | Introduced

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Bill Title: Establishes the building and fire code adherence tax credit which provides a tax credit to property owners who spend money to update a property to adhere to current applicable building and fire codes.

Spectrum: Partisan Bill (Democrat 9-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A06961 Detail]

Download: New_York-2023-A06961-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6961

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                       May 9, 2023
                                       ___________

        Introduced by M. of A. TAPIA, DE LOS SANTOS -- read once and referred to
          the Committee on Ways and Means

        AN  ACT  to  amend the tax law, in relation to establishing the building
          and fire code adherence tax credit

          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) Building and fire code adherence tax credit.  (1)  Allowance  of
     4  credit.  A  taxpayer  who  is a residential or commercial property owner
     5  shall be allowed a credit,  to  be  computed  as  hereinafter  provided,
     6  against  the tax imposed by this article. The amount of the credit shall
     7  be equal to the cost of the labor and materials needed to bring a  prop-
     8  erty  to code by the property owner to adhere to the most current appli-
     9  cable building and fire codes.
    10    (2) Application of credit. If the amount of the credit  allowed  under
    11  this subsection for any taxable year shall exceed the taxpayer's tax for
    12  such  year,  the  excess shall be treated as an overpayment of tax to be
    13  credited or refunded in accordance with the provisions  of  section  six
    14  hundred  eighty-six of this article, provided, however, that no interest
    15  shall be paid thereon.
    16    § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
    17  sion 59 to read as follows:
    18    59.  Building  and  fire  code  adherence tax credit. (1) Allowance of
    19  credit.  A taxpayer who is a residential or  commercial  property  owner
    20  shall  be  allowed  a  credit,  to  be computed as hereinafter provided,
    21  against the tax imposed by this article. The amount of the credit  shall
    22  be  equal to the cost of the labor and materials needed to bring a prop-
    23  erty to code by the property owner to adhere to the most current  appli-
    24  cable building and fire codes.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09851-01-3
        A. 6961                             2

     1    (2)  Application  of credit. If the amount of the credit allowed under
     2  this subdivision for any taxable year shall exceed  the  taxpayer's  tax
     3  for  such  year, the excess shall be treated as an overpayment of tax to
     4  be credited or refunded in accordance with the provisions of section six
     5  hundred  eighty-six of this chapter, provided, however, that no interest
     6  shall be paid thereon.
     7    § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
     8  of the tax law is amended by adding a new clause (l) to read as follows:
     9  (l) Building and fire code           Amount of credit under
    10  adherence tax credit under           subdivision fifty-nine of
    11  subsection (ooo)                     section two hundred ten-B
    12    § 4. This act shall take effect immediately and shall apply to taxable
    13  years beginning on or after January 1, 2023.