S T A T E O F N E W Y O R K
I N S E N A T E
February 6, 2014
Introduced by Sen. GALLIVAN -- read twice and ordered printed, and when
printed to be committed to the Committee on Investigations and Govern-
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.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
S. 6569 2
(3) ELIGIBILITY. (A) THE CREDIT SHALL ONLY BE ALLOWED WHERE THE
AFFECTED PROPERTY IS LOCATED WITHIN THE TOWN OF WEST SENECA. (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 THE
TAX LAW, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
S 2. This act shall take effect immediately.