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Senate Bill S7065

2009-2010 Legislative Session

Establishes a tax credit for personal property replacement as a result of bedbug infestation

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2009-S7065 (ACTIVE) - Details

See Assembly Version of this Bill:
A10081
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S1286, A1482
2013-2014: S511, A692
2015-2016: S3041, A231
2017-2018: S2342, A483
2019-2020: A1000
2021-2022: A2201
2023-2024: A720
2025-2026: A1850

2009-S7065 (ACTIVE) - Summary

Establishes a tax credit for personal property replacement as a result of bedbug infestation; credit of 15% not to exceed $750; certification determined by commissioner.

2009-S7065 (ACTIVE) - Sponsor Memo

2009-S7065 (ACTIVE) - Bill Text download pdf 

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

                                  7065

                            I N  S E N A T E

                             March 10, 2010
                               ___________

Introduced  by  Sen.  DUANE  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

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 (qq) to read as follows:
  (QQ)  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
DAMAGE.
  (B)  SUCH  QUALIFIED  EXPENDITURES SHALL INCLUDE BUT NOT BE LIMITED TO
FURNITURE, RUGS OR OTHER HOME GOODS THAT MAY BE DAMAGED BY BEDBUG INFES-
TATION.
  (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.
                                                           LBD16075-03-0

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