Assembly Bill A5248

2013-2014 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-A5248 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A9433

2013-A5248 (ACTIVE) - 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.

2013-A5248 (ACTIVE) - Bill Text download pdf 

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

                                  5248

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 21, 2013
                               ___________

Introduced by M. of A. TENNEY, P. LOPEZ -- read once and referred to the
  Committee on Ways and Means

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 (vv) to read as follows:
  (VV) 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.
                                                           LBD05830-01-3

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