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Senate Bill S2447

2009-2010 Legislative Session

Establishes a personal income tax credit for the improvement or replacement of an existing residential septic system

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

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2009-S2447 (ACTIVE) - Details

See Assembly Version of this Bill:
A5771
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L

2009-S2447 (ACTIVE) - Summary

Establishes a personal income tax credit for the improvement or replacement of an existing residential septic system for single to 4 family residences; such credit shall not exceed $500 for the improvement of such a system and $1000 for the replacement of such a system.

2009-S2447 (ACTIVE) - Sponsor Memo

2009-S2447 (ACTIVE) - Bill Text download pdf 

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

    S. 2447                                                  A. 5771

                       2009-2010 Regular Sessions

                      S E N A T E - A S S E M B L Y

                            February 20, 2009
                               ___________

IN  SENATE  --  Introduced  by Sen. MARCELLINO -- read twice and ordered
  printed, and when printed to be committed to the Committee on Investi-
  gations and Government Operations

IN ASSEMBLY -- Introduced by M.  of  A.  CONTE,  KOLB,  RAIA,  SALADINO,
  TOBACCO -- read once and referred to the Committee on Ways and Means

AN  ACT  to  amend  the  tax law, in relation to establishing a personal
  income tax credit for the improvement or replacement of a  residential
  septic system

  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 (p-1) to read as follows:
  (P-1)  RESIDENTIAL  SEPTIC  SYSTEM CREDIT. (1) ALLOWANCE OF CREDIT.  A
TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED  IN  THIS
SUBSECTION,  AGAINST  THE TAX IMPOSED BY THIS ARTICLE TO THE IMPROVEMENT
OR REPLACEMENT OF A RESIDENTIAL SEPTIC SYSTEM USED TO PROCESS SEWAGE FOR
SINGLE TO FOUR-FAMILY RESIDENCES LOCATED IN THIS STATE.
  (2) AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO:
  (A) THE COSTS OF IMPROVING, DURING THE TAXABLE YEAR, AN EXISTING RESI-
DENTIAL SEPTIC SYSTEM, NOT TO EXCEED FIVE HUNDRED DOLLARS; OR
  (B) THE COSTS OF REPLACING, DURING THE TAXABLE YEAR, AN EXISTING RESI-
DENTIAL SEPTIC SYSTEM, NOT TO EXCEED ONE THOUSAND DOLLARS.
  (3) LIMITATION. A  CREDIT  ALLOWED  UNDER  THIS  SUBSECTION  SHALL  BE
ALLOWED ONLY ONCE WITH RESPECT TO A PARTICULAR RESIDENCE.
  (4)  CARRYOVER.  IF  THE  AMOUNT  OF  THE  CREDIT ALLOWABLE UNDER THIS
SUBSECTION EXCEEDS THE TAXPAYER'S TAX FOR ANY TAXABLE YEAR,  THE  EXCESS
MAY  BE  CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED
FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
  S 2. This act shall take effect January 1, 2010  and  shall  apply  to
taxable years commencing on or after such date.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04296-01-9

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