Bill Text: NY S05218 | 2019-2020 | General Assembly | Introduced


Bill Title: Establishes a sump pump installation and replacement tax credit for homeowners who use the home as their principal residence and who have an income of less than $250,000.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-05-14 - REPORTED AND COMMITTED TO FINANCE [S05218 Detail]

Download: New_York-2019-S05218-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          5218
                               2019-2020 Regular Sessions
                    IN SENATE
                                     April 16, 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  establishing  a  sump  pump
          installation and replacement 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)  Sump  pump installation and replacement credit. (1) General. An
     4  individual taxpayer shall be allowed a credit for taxable  years  begin-
     5  ning  on or after January first, two thousand twenty-one against the tax
     6  imposed by this article for the costs for replacement, repair or instal-
     7  lation of a sump pump, when such repair, replacement, or installation is
     8  recommended by a certified plumber or municipality. The  amount  of  the
     9  credit  shall be fifty percent of the total cost of replacement, repair,
    10  or installation.
    11    (2) Sump pump replacement, repair and installation costs. (A) The term
    12  "costs of replacement, repair or installation" includes the cost  of  an
    13  assessment  from  a  plumber,  any  initial appraisals, labor costs, any
    14  disposal fees, and any cleanup fees; except any state or local sales tax
    15  applicable to the services performed. (B) The  term  "costs  of  repair"
    16  includes  the  cost  of  an  assessment  from  a  plumber,  any  initial
    17  appraisals, labor costs, any disposal fees, and follow-up  fees;  except
    18  any state or local sales tax applicable to the services.
    19    (3)  Amount  of  credit.  The  aggregate amount of tax credits allowed
    20  under this subsection in any  calendar  year  statewide  shall  be  five
    21  million dollars.
    22    (4)  Installation and repair for qualified taxpayers. A property owner
    23  who incurs costs for repair or replacement of a sump pump must be  doing
    24  so on a residential or mixed use property which is:
    25    (A) located in the state;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00402-01-9

        S. 5218                             2
     1    (B) owned by the taxpayer;
     2    (C) used by the taxpayer as his or her principal residence; and
     3    (D)  owned  by  a  taxpayer  with  a household income of less than two
     4  hundred fifty thousand dollars.
     5    (5) When credit is allowed. The credit provided for in this subsection
     6  shall be allowed with respect to  the  taxable  year,  commencing  after
     7  January  first,  two  thousand twenty-one in which the work is completed
     8  and paid for.
     9    (6) Carryover credit. If the amount of the credit, and  carryovers  of
    10  such  credit, allowable under this subsection for any taxable year shall
    11  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    § 2. This act shall take effect immediately and shall apply to taxable
    16  years commencing on or after such effective date.
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