S T A T E   O F   N E W   Y O R K
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                                  8789

                          I N  A S S E M B L Y

                            February 14, 2014
                               ___________

Introduced by M. of A. KEARNS -- read once and referred to the Committee
  on Ways and Means

AN  ACT  to amend the tax law, in relation to establishing an income tax
  credit for flood victims in the town of West Seneca in the  amount  of
  property  taxes paid on property which sustained substantial damage as
  a result of flooding in the period from January 6, 2014 to and includ-
  ing January 13, 2014

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subsections (yy) and (zz) of section 606 of the tax law, as
relettered  by section 5 of part H of chapter 1 of the laws of 2003, are
relettered subsections (yyy) and (zzz) and a new subsection (y) is added
to read as follows:
  (Y) TAX CREDIT FOR VICTIMS OF FLOODING IN THE  TOWN  OF  WEST  SENECA,
COUNTY  OF ERIE DURING THE PERIOD FROM JANUARY SIXTH, TWO THOUSAND FOUR-
TEEN TO AND INCLUDING JANUARY THIRTEENTH, TWO THOUSAND FOURTEEN.
  (1) ALLOWANCE OF CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CRED-
IT FOR TAXABLE YEARS TWO THOUSAND THIRTEEN AND TWO THOUSAND FOURTEEN, TO
BE COMPUTED AS HEREINAFTER PROVIDED, AGAINST THE  TAX  IMPOSED  BY  THIS
ARTICLE.  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 THIRTEEN--TWO THOU-
SAND  FOURTEEN  SCHOOL  YEAR AND THE AMOUNT OF ANY TOWN AND COUNTY TAXES
PAID IN TAXABLE YEAR TWO THOUSAND FOURTEEN WITH RESPECT TO ANY  PROPERTY
WHICH  RECEIVED SUBSTANTIAL DAMAGE AS A RESULT OF SEVERE FLOODING DURING
THE PERIOD OF JANUARY SIXTH, TWO  THOUSAND  FOURTEEN  TO  JANUARY  THIR-
TEENTH,  TWO  THOUSAND  FOURTEEN,  INCLUSIVE.  (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 WITHIN THE TOWN OF  WEST  SENECA.  (B)  THE

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

                                                           LBD13860-01-4

A. 8789                             2

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  THE
TAX LAW, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
  S 2. This act shall take effect immediately.