Bill Text: NY S03065 | 2017-2018 | General Assembly | Introduced

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Bill Title: Enacts the residential structure fire prevention act of 2018; provides a tax credit to homeowners who remove cock loft fire hazards in their homes; provides an insurance discount for the installation of smoke detecting alarm devices in cock lofts; provides that the repair of cock lofts for the purpose of fire prevention and safety shall be qualifying expenditures under state housing programs.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Vetoed) 2018-12-21 - VETOED MEMO.308 [S03065 Detail]

Download: New_York-2017-S03065-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3065
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 19, 2017
                                       ___________
        Introduced  by  Sen. ADDABBO -- 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 providing a tax credit for a
          portion of the cost of repairing certain fire hazards
          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 (ccc) to read as follows:
     3    (ccc) Credit for repairing certain  fire  hazards.  (1)  Any  resident
     4  owner  of    real  property as defined in section one hundred two of the
     5  real property tax law shall be allowed a credit against the  tax  other-
     6  wise  imposed under this article in an amount equal to thirty percent of
     7  the cost of  repairing  fire  hazards  commonly  known  as  cock  lofts,
     8  provided  that  such  credit shall not exceed five hundred dollars.  For
     9  purposes of this section the term "cock loft" shall  mean  a  completely
    10  enclosed space between rafters and a suspended ceiling.
    11    (2)  If the amount of the credit allowed under this subsection for any
    12  taxable year shall exceed the taxpayer's tax for such year,  the  excess
    13  shall  be treated as an overpayment of tax to be credited or refunded in
    14  accordance with the provisions of section six hundred eighty-six of this
    15  article, provided, however, that no interest shall be paid thereon.
    16    § 2. This act shall take effect immediately and shall apply to taxable
    17  years beginning on or after January 1, 2017.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03403-01-7