Bill Text: NY S05488 | 2019-2020 | General Assembly | Introduced


Bill Title: Provides a tax credit for the installation of fire sprinkler systems.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-05-02 - REFERRED TO BUDGET AND REVENUE [S05488 Detail]

Download: New_York-2019-S05488-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          5488
                               2019-2020 Regular Sessions
                    IN SENATE
                                       May 2, 2019
                                       ___________
        Introduced  by  Sen.  COMRIE -- 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  tax  credits  for
          the installation of fire sprinkler systems
          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 (kkk) to read as follows:
     3    (kkk) Fire sprinkler tax credit for residential properties. (1) Allow-
     4  ance  of credit. A taxpayer who is a residential property owner shall be
     5  allowed a credit, to be computed as hereinafter  provided,  against  the
     6  tax  imposed by this article. The amount of the credit shall be equal to
     7  twenty-five percent of the cost of the labor  and  materials  needed  to
     8  install sprinkler systems as defined by section one hundred fifty-five-a
     9  of  the  executive  law,  by  the  residential property owner, provided,
    10  however, that this subsection shall apply only to residential properties
    11  in municipalities that do not already require fire sprinkler systems  be
    12  installed.
    13    (2)  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.
    19    §  2. Section 210-B of the tax law is amended by adding a new subdivi-
    20  sion 54 to read as follows:
    21    54. Fire sprinkler tax credit for residential properties.  (1)  Allow-
    22  ance  of credit. A taxpayer who is a residential property owner shall be
    23  allowed a credit, to be computed as hereinafter  provided,  against  the
    24  tax  imposed by this article. The amount of the credit shall be equal to
    25  twenty-five percent of the cost of the labor  and  materials  needed  to
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07801-03-9

        S. 5488                             2
     1  install sprinkler systems as defined by section one hundred fifty-five-a
     2  of  the  executive  law,  by  the  residential property owner, provided,
     3  however, that this subdivision shall apply only to  residential  proper-
     4  ties  in  municipalities  that  do  not  already  require fire sprinkler
     5  systems be installed.
     6    (2) Application of credit. If the amount of the credit  allowed  under
     7  this  subdivision  for  any taxable year shall exceed the taxpayer's tax
     8  for such year, the excess shall be treated as an overpayment of  tax  to
     9  be credited or refunded in accordance with the provisions of section six
    10  hundred  eighty-six of this chapter, provided, however, that no interest
    11  shall be paid thereon.
    12    § 3. This act shall take effect immediately.
feedback