Do you support this bill?

Assembly Bill A9433

2011-2012 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

2011-A9433 (ACTIVE) - Details

See Senate Version of this Bill:
S6060
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2013-2014 Legislative Session:
A5248

2011-A9433 (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.

2011-A9433 (ACTIVE) - Bill Text download pdf 

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

                                  9433

                          I N  A S S E M B L Y

                              March 1, 2012
                               ___________

Introduced  by M. of A. AMEDORE -- read once and referred to the Commit-
  tee 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 (uu) to read as follows:
  (UU) 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.
  (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

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

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.