Bill Text: NY S04635 | 2019-2020 | General Assembly | Introduced

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

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Bill Title: Provides for a residential lead remediation tax credit for the costs of abatement of lead contamination in a residence, when such removal is recommended by a certified specialist.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO BUDGET AND REVENUE [S04635 Detail]

Download: New_York-2019-S04635-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          4635
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 18, 2019
                                       ___________
        Introduced  by  Sen. KENNEDY -- 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 providing a residential lead
          remediation tax credit
          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) Residential lead abatement tax credit. (1) General. A  qualified
     4  taxpayer  shall  be  allowed  a credit for taxable years beginning on or
     5  after January first, two thousand twenty against the tax imposed by this
     6  article for the costs of abatement of lead  contamination  in  an  owner
     7  occupied  domicile,  when  such removal is recommended by a lead profes-
     8  sional  certified  or  licensed  by  the  United  States   environmental
     9  protection agency.
    10    (2) Credit limitation. The amount of the credit shall be the lesser of
    11  ten thousand dollars or thirty percent of the total cost.
    12    (3)  Lead  abatement costs. The term "costs of abatement" includes the
    13  cost of an inspection or assessment from  a  certified  specialist,  any
    14  initial  appraisals  of  lead,  municipal  or  otherwise, labor costs of
    15  removal, any disposal fees, and any cleanup fees; except  any  state  or
    16  local sales tax applicable to the services performed.
    17    (4)  Amount  of  credit.  The  aggregate amount of tax credits allowed
    18  under this subsection in any calendar year statewide  shall  be  twenty-
    19  five million dollars.
    20    (5)  Removal  and  abatement for qualified taxpayers. A property owner
    21  who incurs costs for removing or remediating lead as  in  this  section,
    22  only applies to an owner-occupied domicile which is:
    23    (A) located in this state;
    24    (B) owned by the taxpayer;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10100-01-9
        S. 4635                             2
     1    (C)  used by the taxpayer as his or her principal residence, secondary
     2  residence, or rental property; and
     3    (D) is located in a city or municipality with one million residents or
     4  less.
     5    (6)  When  credit  allowed. The credit provided for in this subsection
     6  shall be allowed with respect to  the  taxable  year,  commencing  after
     7  January  first  after its passage in which the removal work is completed
     8  and paid for.
     9    (7) Carryover of credit. If the amount of the credit,  and  carryovers
    10  of  such  credit,  allowable  under this subsection for any taxable year
    11  shall exceed the taxpayer's tax for such year, such excess amount may be
    12  carried over to the five taxable years next following the  taxable  year
    13  with respect to which the credit is allowed and may be deducted from the
    14  taxpayer's tax for such year or years.
    15    (8)  Allocation  of  credit.  The  commissioner shall promulgate regu-
    16  lations by January first, two thousand twenty  to  establish  procedures
    17  for  the  allocation  of tax credits allowed under this subsection. Such
    18  rules and regulations shall include provisions describing  the  applica-
    19  tion process for the credit allowed under this subsection, the due dates
    20  for such applications, the standards which shall be used to evaluate the
    21  applications,  the  documentation  that will be provided to taxpayers to
    22  substantiate to the department the amount of tax  credits  allocated  to
    23  such taxpayers, and such other provisions as deemed necessary and appro-
    24  priate.  Notwithstanding  any  other  provisions  to the contrary in the
    25  state administrative procedure act, such rules and  regulations  may  be
    26  adopted  on  an emergency basis if necessary to meet such January first,
    27  two thousand twenty deadline.
    28    § 2. This act shall take effect on the one hundred eightieth day after
    29  it shall have become a law. Effective immediately, the addition,  amend-
    30  ment and/or repeal of any rule or regulation necessary for the implemen-
    31  tation  of this act on its effective date are authorized and directed to
    32  be made and completed on or before such effective date.