Bill Text: NY A07322 | 2019-2020 | General Assembly | Introduced


Bill Title: Establishes a tax credit for the purchase and installation of a security camera system on residential- and commercial-owned properties.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-04-22 - referred to ways and means [A07322 Detail]

Download: New_York-2019-A07322-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          7322
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                     April 22, 2019
                                       ___________
        Introduced  by  M.  of  A.  EICHENSTEIN -- read once and referred to the
          Committee on Ways and Means
        AN ACT to amend the tax law, in relation to establishment  of  a  credit
          for the purchase and installation of a security camera system on resi-
          dential- and commercial-owned properties in cities having a population
          of one million or more persons
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The tax law is amended by adding a new section 45  to  read
     2  as follows:
     3    § 45. Credit for purchase and installation of a security camera system
     4  on property located in a city having a population of one million or more
     5  persons.    (a)  Allowance of credit. A property owner who is subject to
     6  tax under articles nine, nine-A,  twenty-two  or  thirty-three  of  this
     7  chapter,  shall  be  allowed  a one-time credit against such tax for the
     8  purchase and installation of a qualified security  camera  system  on  a
     9  property  located  in  a city having a population of one million or more
    10  persons.  The amount of such credit shall be five hundred dollars.   The
    11  credit  shall be allowable for owners of residential or commercial prop-
    12  erties and for property owners incorporated pursuant to the terms of the
    13  not-for-profit corporation law.   A property  owner  claiming  a  credit
    14  against  tax  as  provided in this section may claim it against tax owed
    15  under only one article of this chapter.
    16    (b) Definitions. The term "qualified  security  camera  system"  means
    17  expenditures  for  the  purchase of a camera system, materials and labor
    18  costs properly allocable to on-site preparation, assembly  and  original
    19  installation. Such camera system shall be capable of recording and stor-
    20  ing camera footage for up to forty-eight hours.
    21    (c)  When  credit  allowed.  The  credit  provided for herein shall be
    22  allowed with respect to the taxable year commencing in which the securi-
    23  ty camera system is installed.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11157-02-9

        A. 7322                             2
     1    (d) Carryover of credit. If the amount of the credit,  and  carryovers
     2  of  such credit, allowable under this section for any taxable year shall
     3  exceed the taxpayer's tax for such  year,  such  excess  amount  may  be
     4  carried  over  to the five taxable years next following the taxable year
     5  with respect to which the credit is allowed and may be deducted from the
     6  taxpayer's tax for such year or years.
     7    §  2. Section 606 of the tax law is amended by adding a new subsection
     8  (v) to read as follows:
     9    (v) Credit for purchase and installation of a security  camera  system
    10  on  residential  property  located  in a city having a population of one
    11  million or more persons.  (1) Allowance of credit.  A taxpayer who is  a
    12  homeowner  shall be allowed a one-time credit for purchase and installa-
    13  tion of a security camera system on a residential property owned by such
    14  taxpayer and located in a city having a population  of  one  million  or
    15  more  persons,  to be computed as provided in section forty-five of this
    16  chapter, against the tax imposed by this article.
    17    (2) Carryover of credit. If the amount of the credit,  and  carryovers
    18  of  such  credit,  allowable  under this subsection for any taxable year
    19  shall exceed the taxpayer's tax for such year, such excess amount may be
    20  carried over to the five taxable years next following the  taxable  year
    21  with respect to which the credit is allowed and may be deducted from the
    22  taxpayer's tax for such year or years.
    23    §  3.  The tax law is amended by adding a new section 187-q to read as
    24  follows:
    25    § 187-q. Credit for purchase and installation  of  a  security  camera
    26  system  on property located in a city having a population of one million
    27  or more persons.  1. Allowance of credit. A taxpayer shall be allowed  a
    28  credit,  to  be computed as provided in section forty-five of this chap-
    29  ter, against the taxes imposed by sections one hundred eighty-three  and
    30  one  hundred  eighty-four  of this article.  Provided, however, that the
    31  amount of such credit allowable against the tax imposed by  section  one
    32  hundred eighty-four of this article shall be the excess of the amount of
    33  such  credit  over  the  amount  of  any  credit allowed by this section
    34  against the tax imposed by section  one  hundred  eighty-three  of  this
    35  article.
    36    2.  Application  of  credit.  In  no event shall the credit under this
    37  section be allowed in an amount which will reduce  the  tax  payable  to
    38  less than the applicable minimum tax fixed by section one hundred eight-
    39  y-three  of  this  article.  If, however, the amount of credit allowable
    40  under this section for any taxable year reduces the tax to such  amount,
    41  any amount of credit not deductible in such taxable year shall be treat-
    42  ed  as  an  overpayment  of  tax  to  be refunded in accordance with the
    43  provisions of section one thousand eighty-six of this chapter. Provided,
    44  however, the provisions of subsection (c) of section one thousand eight-
    45  y-eight of this chapter notwithstanding, no interest shall be paid ther-
    46  eon.
    47    § 4. Section 210-B of the tax law is amended by adding a new  subdivi-
    48  sion 54 to read as follows:
    49    54.  Credit  for purchase and installation of a security camera system
    50  on property located in a city having a population of one million or more
    51  persons.  (a) Allowance of credit. A taxpayer shall be allowed a credit,
    52  to be computed as provided in subsection (a) of  section  forty-five  of
    53  this chapter, against the tax imposed by this article.
    54    (b)  Application  of  credit.  In no event shall the credit under this
    55  section be allowed in an amount which will reduce the tax to  less  than
    56  the  amount  prescribed  in  paragraph  (d)  of  subdivision one of this

        A. 7322                             3
     1  section. If, however, the amount of credit allowed  under  this  section
     2  for any taxable year reduces the tax to such amount, any amount of cred-
     3  it  not  deductible in such taxable year shall be treated as an overpay-
     4  ment  of tax to be refunded in accordance with the provisions of section
     5  one thousand eighty-six of  this  chapter,  provided  however,  that  no
     6  interest shall be paid thereon.
     7    §  5. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
     8  of the tax law is amended by adding  a  new  clause  (xlv)  to  read  as
     9  follows:
    10  (xlv) Credit for purchase            Amount of credit under
    11  and tax installation of a            section forty-five
    12  security camera system under
    13  subsection (v)
    14    §  6.  Section 1511 of the tax law is amended by adding a new subdivi-
    15  sion (dd) to read as follows:
    16    (dd) Credit for purchase and installation of a security camera  system
    17  on property located in a city having a population of one million or more
    18  persons.  (1) Allowance of credit. A taxpayer shall be allowed a credit,
    19  to  be  computed  as  provided  in  section  forty-five of this chapter,
    20  against the taxes imposed by this article.
    21    (2) Application of credit. The credit allowed under  this  subdivision
    22  for  any taxable year shall not reduce the tax due for such year to less
    23  than the minimum fixed by paragraph four of subdivision (a)  of  section
    24  fifteen  hundred  two of this article. However, if the amount of credits
    25  allowed under this subdivision for any taxable year reduces the  tax  to
    26  such  amount,  any  amount of credit thus not deductible in such taxable
    27  year shall be treated as  an  overpayment  of  tax  to  be  credited  or
    28  refunded  in  accordance  with  the  provisions  of section one thousand
    29  eighty-six of this  chapter.    Provided,  however,  the  provisions  of
    30  subsection  (c)  of  section  one  thousand eighty-eight of this chapter
    31  notwithstanding, no interest shall be paid thereon.
    32    § 7. This act shall take effect January 1, 2020; provided, however, if
    33  this act shall become a law after such date it shall take  effect  imme-
    34  diately and shall be deemed to have been in full force and effect on and
    35  after January 1, 2020.
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