senate Bill S6060A

Establishes an income tax credit for certain victims of Hurricane Irene and Tropical Storm Lee

download pdf

Sponsor

Co-Sponsors

view all co-sponsors

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
view actions

actions

  • 04 / Jan / 2012
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 31 / Jan / 2012
    • AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 31 / Jan / 2012
    • PRINT NUMBER 6060A

Summary

Establishes an income tax credit for certain victims of Hurricane Irene and Tropical Storm Lee in the amount of property taxes paid on property which sustained substantial damage as a result of such storms.

do you support this bill?

Bill Details

See Assembly Version of this Bill:
A9433
Versions:
S6060
S6060A
Legislative Cycle:
2011-2012
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L

Sponsor Memo

BILL NUMBER:S6060A

TITLE OF BILL:
An act
to amend the tax law, in relation to establishing a tax credit for
victims of Hurricane Irene and Tropical Storm Lee

PURPOSE:
The purpose of this legislation is to provide income tax
credits for victims of Hurricane Irene and Tropical Storm Lee. The
credit would be equal to the amount of real property taxes paid or
incurred on any property which received substantial damage as a
result of the storms.

SUMMARY OF PROVISIONS:
The legislation adds a new subsection uu to
section 606 of the tax law to provide a qualified taxpayer an income
tax credit equal to the total real property taxes paid or incurred in
taxable year 2011, and January 2012's municipal taxes, with respect
to any property that received substantial damage due to Hurricane
Irene and Tropical Storms Lee. The credit is only available to those
whose primary residences were affected and is based on the amount of
property taxes paid.

"Substantial damage" is defined as damage wherein the cost of
restoring the structure to its previous condition would equal or
exceed fifty percent of the market value of the structure before the
damage occurred. The legislation also provides that the income tax
credit is fully refundable.

JUSTIFICATION:
Hurricane Irene and Tropical Storm Lee caused
significant damage to properties across a large swath of New York
State, particularly upstate, leading to the loss of homes,
properties, public infrastructure, businesses and income. Individuals
and families are struggling to recover after having lost everything
they own. This grief is compounded by the tax bills based on the
assessments finalized on July 1 - prior to the floods - taxes paid on
homes that may no longer even exist. This legislation will help to
ease the tax burden on these struggling families by providing an
income tax credit that is equal to the amount of taxes incurred on
any property which received substantial damage as a result of the
storms.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:

Immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6060--A

                            I N  S E N A T E

                               (PREFILED)

                             January 4, 2012
                               ___________

Introduced  by  Sens.  SEWARD, BONACIC, FARLEY, HANNON, JOHNSON, LARKIN,
  LITTLE, McDONALD -- read twice and ordered printed, and  when  printed
  to  be  committed  to  the  Committee on Investigations and Government
  Operations -- 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 victims of Hurricane Irene and Tropical Storm Lee

  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) TAX CREDIT FOR VICTIMS OF HURRICANE IRENE AND TROPICAL STORM LEE.
(1)  ALLOWANCE OF CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CREDIT
FOR TAXABLE YEARS TWO THOUSAND ELEVEN AND TWO  THOUSAND  TWELVE,  TO  BE
COMPUTED  AS HEREINAFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTI-
CLE. FOR PURPOSES OF THIS PARAGRAPH, THE TERM "QUALIFIED TAXPAYER" MEANS
A BUSINESS OR RESIDENT TAXPAYER.
  (2) AMOUNT OF CREDIT. (A) THE AMOUNT OF THE CREDIT SHALL BE  EQUAL  TO
THE AMOUNT OF SCHOOL TAXES PAID FOR THE TWO THOUSAND ELEVEN-TWO THOUSAND
TWELVE  SCHOOL YEAR AND THE AMOUNT OF ANY CITY, VILLAGE, TOWN AND COUNTY
TAXES PAID IN TAXABLE YEAR TWO THOUSAND TWELVE WITH RESPECT TO ANY PROP-
ERTY WHICH RECEIVED SUBSTANTIAL DAMAGE AS A RESULT OF HURRICANE IRENE OR
TROPICAL STORM LEE IN TWO THOUSAND ELEVEN.
  (B) FOR PURPOSES OF THIS SUBSECTION,  THE  TERM  "SUBSTANTIAL  DAMAGE"
MEANS  DAMAGE OF ANY ORIGIN SUSTAINED BY A STRUCTURE WHEREBY THE COST OF
RESTORING THE STRUCTURE TO ITS BEFORE DAMAGED CONDITION WOULD  EQUAL  OR
EXCEED  FIFTY  PERCENT  OF  THE MARKET VALUE OF THE STRUCTURE BEFORE THE
DAMAGE OCCURRED.
  (3) ELIGIBILITY. (A) THE  CREDIT  SHALL  ONLY  BE  ALLOWED  WHERE  THE
AFFECTED  PROPERTY  IS  LOCATED  IN  A  COUNTY  IN  THIS STATE WHICH WAS
DECLARED A FEDERAL DISASTER AREA AND IS ELIGIBLE TO RECEIVE FEDERAL  AID
OR  ASSISTANCE  FROM THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS A RESULT
OF HURRICANE IRENE OR TROPICAL STORM LEE IN TWO THOUSAND ELEVEN.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13655-03-2

S. 6060--A                          2

  (B) THE CREDIT UNDER THIS SUBSECTION SHALL  ONLY  BE  ALLOWED  IF  THE
PROPERTY IS CONSIDERED THE TAXPAYER'S PRIMARY RESIDENCE.
  (4)  APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
SUBSECTION SHALL EXCEED THE TAXPAYER'S TAX FOR  SUCH  YEAR,  THE  EXCESS
SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
  S 2. This act shall take effect immediately.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.