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

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

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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-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         4056--A

                               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  --
          recommitted  to the Committee on Budget and Revenue in accordance with
          Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
          reprinted as amended and recommitted to said committee

        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 (ppp) to read as follows:
     3    (ppp)  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.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07784-02-4
        S. 4056--A                          2

     1    (4) Credit limitation. The aggregate amount  of  tax  credits  allowed
     2  pursuant to this subsection shall not exceed five million dollars in any
     3  taxable year.
     4    § 2. This act shall take effect immediately and shall apply to taxable
     5  years  beginning  on  and after January 1, 2025.  Effective immediately,
     6  the addition, amendment and/or repeal of any rule or  regulation  neces-
     7  sary  for  the  implementation  of  this  act  on its effective date are
     8  authorized to be made and completed on or before such effective date.