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Assembly Bill A4456

2009-2010 Legislative Session

Provides tax credit on personal income taxes for homeowner's insurance

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Archive: Last Bill Status - In Assembly Committee

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2009-A4456 (ACTIVE) - Details

See Senate Version of this Bill:
S101
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add ยง623, Tax L
Versions Introduced in 2011-2012 Legislative Session:
S1628

2009-A4456 (ACTIVE) - Summary

Provides a personal income tax credit of up to $350 for homeowners whose homeowner's insurance rate exceeds the mean of such rates in cities with a population of 100,000 or more; and requires the superintendent of insurance to annually compute the mean rate of premium charged per thousand for homeowner's and fire insurance.

2009-A4456 (ACTIVE) - Bill Text download pdf 

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

                                  4456

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 4, 2009
                               ___________

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

AN ACT to amend the tax law, in  relation  to  providing  a  credit  for
  excessive residential insurance payments in certain cities

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

   Section 1.  The tax law is amended by adding a  new  section  623  to
read as follows:
  S  623.    CREDIT  FOR EXCESSIVE INSURANCE PAYMENTS IN A CITY HAVING A
POPULATION OF ONE HUNDRED THOUSAND OR MORE.  (A)  GENERAL.   A  RESIDENT
TAXPAYER  SHALL  BE ALLOWED A CREDIT AGAINST THE TAX OTHERWISE DUE UNDER
THIS ARTICLE IN THE AMOUNT PAID BY HIM OR HER DURING  THE  TAXABLE  YEAR
FOR  HOMEOWNER'S  INSURANCE  OR  FIRE  INSURANCE ON A SINGLE FAMILY OR A
MULTI-FAMILY DWELLING CONTAINING NO MORE THAN THREE  FAMILIES  WHICH  IS
THE  TAXPAYER'S  PRINCIPAL  PLACE  OF  RESIDENCE  IN EXCESS OF AN AMOUNT
DETERMINED BY MULTIPLYING THE MEAN RATE OF PREMIUM CHARGED PER  THOUSAND
FOR  SUCH INSURANCE IN THE CITY OF HIS OR HER RESIDENCE TIMES THE NUMBER
OF THOUSANDS OF DOLLARS OF SUCH INSURANCE FOR WHICH HE OR SHE PAID.
   (B)   LIMITATIONS.   (1)   THE CREDIT UNDER THIS  SECTION  SHALL  NOT
EXCEED  THREE  HUNDRED  FIFTY DOLLARS, NOR IN ANY EVENT SHALL IT BE MORE
THAN THE TAX OTHERWISE TO BE PAID BY THE TAXPAYER.
   (2)  SUCH CREDIT SHALL ONLY APPLY IN CITIES WITH A POPULATION OF  ONE
HUNDRED THOUSAND OR MORE.
   (3)    ONLY  ONE TAXPAYER, OR HUSBAND AND WIFE FILING A JOINT RETURN,
MAY CLAIM SUCH CREDIT AND IT WILL ONLY BE ALLOWED SO LONG AS THE  QUALI-
FIED TAXPAYER OWNS AND RESIDES IN THE RESIDENCE WHICH WAS SO INSURED.
   (C)   THE SUPERINTENDENT OF INSURANCE SHALL COMPUTE ANNUALLY THE MEAN
RATE OF PREMIUM CHARGED PER THOUSAND FOR HOMEOWNER'S INSURANCE  AND  FOR
RESIDENTIAL  FIRE  INSURANCE  IN  EACH  CITY  HAVING A POPULATION OF ONE
HUNDRED THOUSAND OR MORE.
   S 2.   This act shall take  effect  on  the  first  of  January  next
succeeding  the date on which it shall have become a law and shall apply
to all taxable years beginning on or after such effective date.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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