S T A T E O F N E W Y O R K
2011-2012 Regular Sessions
I N S E N A T E
January 6, 2011
Introduced by Sen. DUANE -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
ment Operations -- recommitted to the Committee on Investigations and
Government Operations 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 establishing a tax credit
for personal property replacement as a result of bedbug infestation
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 606 of the tax law is amended by adding a new
subsection (uu) to read as follows:
(UU) PERSONAL PROPERTY REPLACEMENT CREDIT. (1) GENERAL. AN INDIVIDUAL
TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
CLE EQUAL TO FIFTEEN PERCENT OF QUALIFIED PERSONAL PROPERTY REPLACEMENT
EXPENDITURES, AND NOT TO EXCEED SEVEN HUNDRED FIFTY DOLLARS.
(2) QUALIFIED PERSONAL PROPERTY REPLACEMENT EXPENDITURES. (A) THE TERM
"QUALIFIED PERSONAL PROPERTY REPLACEMENT EXPENDITURES" MEANS EXPENDI-
TURES MADE FOR THE REPLACEMENT OF PERSONAL PROPERTY DUE TO BEDBUG
(B) SUCH QUALIFIED EXPENDITURES SHALL INCLUDE BUT NOT BE LIMITED TO
FURNITURE, RUGS OR OTHER HOME GOODS THAT MAY BE DAMAGED BY BEDBUG INFES-
(C) SUCH QUALIFIED PERSONAL PROPERTY REPLACEMENT EXPENDITURES SHALL
NOT INCLUDE INTEREST OR OTHER FINANCE CHARGES.
(3) CERTIFICATION FOR CREDIT ALLOWANCE. THE COMMISSIONER SHALL DETER-
MINE THE PROCEDURE FOR CERTIFICATION FOR THE CREDIT AUTHORIZED PURSUANT
TO THIS SUBSECTION.
S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after the first of January next succeeding the
date on which it shall have become a law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.