Bill Text: NY S06937 | 2015-2016 | General Assembly | Amended

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Bill Title: Establishes a tax credit for the purchase and installation of a security camera system on residential, commercial and non-profit owned properties.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2016-06-17 - referred to ways and means [S06937 Detail]

Download: New_York-2015-S06937-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6937--A
                    IN SENATE
                                      March 8, 2016
                                       ___________
        Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations -- reported favorably from said committee and  commit-
          ted to the Committee on Finance -- committee discharged, bill amended,
          ordered reprinted as amended and recommitted to said committee
        AN  ACT  to  amend the tax law, in relation to establishment of a credit
          for the purchase and installation of a security camera system on resi-
          dential-, commercial- and non-profit owned properties
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The tax law is amended by adding a new section 43 to read
     2  as follows:
     3    § 43. Credit for purchase and installation of a security camera system
     4  on property located in New York state.   (a) Allowance  of  credit.    A
     5  property  owner who is subject to tax under articles nine, nine-A, twen-
     6  ty-two, thirty-two or thirty-three of this chapter, shall be  allowed  a
     7  one-time  credit against such tax for the purchase and installation of a
     8  qualified security camera system on  a  property  located  in  New  York
     9  state.    The  amount of such credit shall be five hundred dollars.  The
    10  credit shall be allowable for owners of residential or commercial  prop-
    11  erties and for property owners incorporated pursuant to the terms of the
    12  not-for-profit  corporation  law.    A  property owner claiming a credit
    13  against tax as provided in this section may claim it  against  tax  owed
    14  under only one article of this chapter.
    15    (b)  Definitions.  The  term  "qualified security camera system" means
    16  expenditures for the purchase of a camera system,  materials  and  labor
    17  costs  properly  allocable to on-site preparation, assembly and original
    18  installation. Such camera system shall be capable of recording and stor-
    19  ing camera footage for up to forty-eight hours.
    20    (c) When credit allowed. The  credit  provided  for  herein  shall  be
    21  allowed with respect to the taxable year commencing in which the securi-
    22  ty camera system is installed.
    23    (d)  Carryover  of credit. If the amount of the credit, and carryovers
    24  of such credit, allowable under this subsection  for  any  taxable  year
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13781-06-6
        S. 6937--A                          2
     1  shall exceed the taxpayer's tax for such year, such excess amount may be
     2  carried  over  to the five taxable years next following the taxable year
     3  with respect to which the credit is allowed and may be deducted from the
     4  taxpayer's tax for such year or years.
     5    §  2. Section 606 of the tax law is amended by adding a new subsection
     6  (v) to read as follows:
     7    (v) Credit for purchase and installation of security camera system  on
     8  residential  property located in New York state.  (1) Allowance of cred-
     9  it.  A taxpayer who is a homeowner shall be allowed  a  one-time  credit
    10  for  purchase and installation of a security camera system on a residen-
    11  tial property owned by such taxpayer and located in New York  state,  to
    12  be  computed as provided in section forty-three of this chapter, against
    13  the tax imposed by this article.
    14    (2) Carryover of credit. If the amount of the credit,  and  carryovers
    15  of  such  credit,  allowable  under this subsection for any taxable year
    16  shall exceed the taxpayer's tax for such year, such excess amount may be
    17  carried over to the five taxable years next following the  taxable  year
    18  with respect to which the credit is allowed and may be deducted from the
    19  taxpayer's tax for such year or years.
    20    §  3.  The tax law is amended by adding a new section 187-t to read as
    21  follows:
    22    § 187-t. Credit for purchase and installation  of  a  security  camera
    23  system on property located in New York state. 1.  Allowance of credit. A
    24  taxpayer  shall  be  allowed  a  credit,  to  be computed as provided in
    25  section forty-three this chapter, against the taxes imposed by  sections
    26  one hundred eighty-three, one hundred eighty-four and one hundred eight-
    27  y-five  of  this  article.    Provided, however, that the amount of such
    28  credit allowable against the tax imposed by section one hundred  eighty-
    29  four  of  this  article shall be the excess of the amount of such credit
    30  over the amount of any credit allowed by this section  against  the  tax
    31  imposed by section one hundred eighty-three of this article.
    32    2.  Application  of  credit.  In  no event shall the credit under this
    33  section be allowed in an amount which will reduce  the  tax  payable  to
    34  less than the applicable minimum tax fixed by section one hundred eight-
    35  y-three  or  one  hundred  eighty-five of this article. If, however, the
    36  amount of credit allowable under  this  section  for  any  taxable  year
    37  reduces  the  tax to such amount, any amount of credit not deductible in
    38  such taxable year shall be treated  as  an  overpayment  of  tax  to  be
    39  refunded  in  accordance  with  the  provisions  of section one thousand
    40  eighty-six  of  this  chapter.  Provided,  however,  the  provisions  of
    41  subsection  (c)  of  section  one  thousand eighty-eight of this chapter
    42  notwithstanding, no interest shall be paid thereon.
    43    § 4. Section 210-B of the tax law is amended by adding a new  subdivi-
    44  sion 52 to read as follows:
    45    52.  Credit  for purchase and installation of a security camera system
    46  on property located in New  York  state.  (a)  Allowance  of  credit.  A
    47  taxpayer shall be allowed a credit, to be computed as provided in subdi-
    48  vision  (a)  of  section  forty-three  of  this chapter, against the tax
    49  imposed by this article.
    50    (b) Application of credit. In no event shall  the  credit  under  this
    51  section  be  allowed in an amount which will reduce the tax to less than
    52  the amount prescribed in  paragraph  (d)  of  subdivision  one  of  this
    53  section.  If,  however,  the amount of credit allowed under this section
    54  for any taxable year reduces the tax to such amount, any amount of cred-
    55  it not deductible in such taxable year shall be treated as  an  overpay-
    56  ment  of tax to be refunded in accordance with the provisions of section
        S. 6937--A                          3
     1  one thousand eighty-six of  this  chapter,  provided  however,  that  no
     2  interest shall be paid thereon.
     3    §  5. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
     4  of the tax law is amended by adding a new  clause  (xliii)  to  read  as
     5  follows:
     6  (xliii) credit for purchase          Amount of credit under
     7  and tax installation of a            section forty-three
     8  security camera system under
     9  subsection (v)
    10    §  6.  Section 1511 of the tax law is amended by adding a new subdivi-
    11  sion (dd) to read as follows:
    12    (dd) Credit for purchase and installation of a security camera  system
    13  on  property  located  in  New  York  state.  (1) Allowance of credit. A
    14  taxpayer shall be allowed a  credit,  to  be  computed  as  provided  in
    15  section  forty-three  of this chapter, against the taxes imposed by this
    16  article.
    17    (2) Application of credit. The credit allowed under  this  subdivision
    18  for  any taxable year shall not reduce the tax due for such year to less
    19  than the minimum fixed by paragraph four of subdivision (a)  of  section
    20  fifteen  hundred  two of this article. However, if the amount of credits
    21  allowed under this subdivision for any taxable year reduces the  tax  to
    22  such  amount,  any  amount of credit thus not deductible in such taxable
    23  year shall be treated as  an  overpayment  of  tax  to  be  credited  or
    24  refunded  in  accordance  with  the  provisions  of section one thousand
    25  eighty-six of this  chapter.    Provided,  however,  the  provisions  of
    26  subsection  (c)  of  section  one  thousand eighty-eight of this chapter
    27  notwithstanding, no interest shall be paid thereon.
    28    § 7. This act shall take effect January 1, 2017; provided, however, if
    29  this act shall become a law after such date it shall take  effect  imme-
    30  diately and shall be deemed to have been in full force and effect on and
    31  after January 1, 2017.