Bill Text: NY S04056 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

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) 2024-04-30 - PRINT NUMBER 4056B [S04056 Detail]

Download: New_York-2023-S04056-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          4056

                               2023-2024 Regular Sessions

                    IN SENATE

                                    February 2, 2023
                                       ___________

        Introduced  by  Sen. MANNION -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue

        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 (ooo) to read as follows:
     3    (ooo) 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    (4)  Credit  limitation.  The  aggregate amount of tax credits allowed
    21  pursuant to this subsection shall not exceed five million dollars in any
    22  taxable year.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07784-01-3
        S. 4056                             2

     1    § 2. This act shall take effect immediately and shall apply to taxable
     2  years beginning on and after January 1, 2024.    Effective  immediately,
     3  the  addition,  amendment and/or repeal of any rule or regulation neces-
     4  sary for the implementation of  this  act  on  its  effective  date  are
     5  authorized to be made and completed on or before such effective date.