Bill Text: NY S00091 | 2019-2020 | General Assembly | Introduced

New York Senate Bill 91 (Prior Session Legislation)

Introduced

Bill Title: Allows an individual taxpayer to claim a credit against their income tax for excess premium paid during the applicable tax year for flood insurance providing coverage on the taxpayer's primary residence; authorizes the commissioner of taxation and finance to promulgate any necessary rules and regulations.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00091 Detail]

Download: New_York-2019-S00091-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                           91
                               2019-2020 Regular Sessions
                    IN SENATE
                                       (Prefiled)
                                     January 9, 2019
                                       ___________
        Introduced  by Sen. KAMINSKY -- 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  allowing  an  individual
          taxpayer to claim a credit against their income tax for excess premium
          paid  during  the  applicable  tax  year for flood insurance providing
          coverage on the taxpayer's primary residence
          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 (jjj) to read as follows:
     3    (jjj) Flood insurance tax credit. (1) Allowance of credit. A  taxpayer
     4  shall  be  allowed a credit, to be computed as provided in paragraph two
     5  of this subsection, against the tax imposed by this article  for  excess
     6  premium  paid during the applicable tax year for flood insurance provid-
     7  ing coverage on the taxpayer's primary residence.
     8    (2) Amount of credit. The credit allowed pursuant to paragraph one  of
     9  this  subsection  shall be in an amount equal to the excess premium paid
    10  by the taxpayer, the amount by  which  the  premium  paid  exceeds  five
    11  percent  of  the  taxpayer's adjusted gross income.  Such credit for any
    12  taxable year may not exceed one thousand two hundred fifty dollars.
    13    (3) Application of credit. If the amount of the credit  allowed  under
    14  this subsection for any taxable year shall exceed the taxpayer's tax for
    15  such  year,  the  excess shall be treated as an overpayment of tax to be
    16  credited or refunded in accordance with the provisions  of  section  six
    17  hundred  eighty-six of this article, provided, however, that no interest
    18  shall be paid thereon or any unused credit may be  carried  forward  for
    19  five succeeding taxable years.
    20    § 2. This act shall take effect immediately and shall apply to taxable
    21  years beginning on and after January 1, 2020.  The commissioner of taxa-
    22  tion and finance is authorized to issue any rules and regulations neces-
    23  sary for the implementation of this act on or before the effective date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03461-01-9