senate Bill S6060A

2011-2012 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 Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 31, 2012 print number 6060a
amend and recommit to investigations and government operations
Jan 04, 2012 referred to investigations and government operations

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

view additional co-sponsors

S6060 - Bill Details

See Assembly Version of this Bill:
A9433
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S6060 - Bill Texts

view 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.

view sponsor memo
BILL NUMBER:S6060

TITLE OF BILL:
An act
to amend the tax law, in relation to establishing a tax credit for
victims of Hurricane Irene and Tropical Storm Lee

PURPOSE:
The purpose of this legislation is to provide income tax
credits for victims of Hurricane Irene and Tropical Storm Lee. The
credit would be equal to the amount of real property taxes paid or
incurred on any property which received substantial damage as a
result of the storms.

SUMMARY OF PROVISIONS:
The legislation adds a new subsection tt to
section 606 of the tax law to provide a qualified taxpayer an income
tax credit equal to the total real property taxes paid or incurred in
taxable year 2011 with respect to any property that received
substantial damage due to Hurricane Irene and/or Tropical Storm Lee.
The credit is only available to those whose primary residences were
affected and is based on the amount that the property was assessed at
prior to the damage caused by the tropical storms.

"Substantial damage" is defined as damage wherein the cost of
restoring the structure to its previous condition would equal or
exceed fifty percent of the market value of the structure before the
damage occurred.

The legislation also provides that the income tax credit is fully
refundable.

JUSTIFICATION:
Hurricane Irene and Tropical Storm Lee caused
significant damage to properties across a large swath of New York
State, particularly upstate, leading to the loss of homes,
properties, public infrastructure, businesses and income.
Individuals and families are struggling to recover after having lost
everything they own.
This grief is compounded by the fact that tax bills are starting to
arrive in their mailboxes - taxes that are due on homes that may no
longer even exist. This legislation will help to ease the tax burden
on these struggling families by providing an income tax credit that
is equal to the amount of taxes incurred on any property which
received substantial damage as a result of the storms.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
Immediately.


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

                                  6060

                            I N  S E N A T E

                               (PREFILED)

                             January 4, 2012
                               ___________

Introduced  by  Sens.  SEWARD, BONACIC, FARLEY, JOHNSON, LARKIN, LITTLE,
  McDONALD -- read twice and ordered printed, and  when  printed  to  be
  committed to the Committee on Investigations and Government Operations

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 (tt) to read as follows:
  (TT) 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  YEAR  TWO  THOUSAND  ELEVEN, TO BE COMPUTED AS HEREINAFTER
PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE. 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  TOTAL  SCHOOL DISTRICT, COUNTY AND TOWN REAL PROPERTY TAXES PAID OR
INCURRED IN TAXABLE YEAR TWO THOUSAND ELEVEN WITH RESPECT TO ANY PROPER-
TY WHICH RECEIVED SUBSTANTIAL DAMAGE AS A RESULT OF HURRICANE  IRENE  OR
TROPICAL STORM LEE OF 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.
  (C)  THE  COMPUTATION  OF  THE CREDIT SHALL BE BASED ON THE AMOUNT THE
PROPERTY WAS ASSESSED AT PRIOR TO  THE  OCCURRENCE  OF  THE  SUBSTANTIAL
DAMAGE  CAUSED  BY HURRICANE IRENE OR TROPICAL STORM LEE IN TWO THOUSAND
ELEVEN.
  (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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13655-02-1

S. 6060                             2

OR  ASSISTANCE  FROM THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS A RESULT
OF HURRICANE IRENE OR TROPICAL STORM LEE IN TWO THOUSAND ELEVEN.
  (B)  IN  THE  CASE  OF  A  RESIDENT  TAXPAYER,  THE  CREDIT UNDER THIS
SUBSECTION SHALL ONLY BE ALLOWED IF  THE  PROPERTY  IS  CONSIDERED  SUCH
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
SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
  S 2. This act shall take effect immediately.

Co-Sponsors

view additional co-sponsors

S6060A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A9433
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S6060A (ACTIVE) - Bill Texts

view 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.

view sponsor memo
BILL NUMBER:S6060A

TITLE OF BILL:
An act
to amend the tax law, in relation to establishing a tax credit for
victims of Hurricane Irene and Tropical Storm Lee

PURPOSE:
The purpose of this legislation is to provide income tax
credits for victims of Hurricane Irene and Tropical Storm Lee. The
credit would be equal to the amount of real property taxes paid or
incurred on any property which received substantial damage as a
result of the storms.

SUMMARY OF PROVISIONS:
The legislation adds a new subsection uu to
section 606 of the tax law to provide a qualified taxpayer an income
tax credit equal to the total real property taxes paid or incurred in
taxable year 2011, and January 2012's municipal taxes, with respect
to any property that received substantial damage due to Hurricane
Irene and Tropical Storms Lee. The credit is only available to those
whose primary residences were affected and is based on the amount of
property taxes paid.

"Substantial damage" is defined as damage wherein the cost of
restoring the structure to its previous condition would equal or
exceed fifty percent of the market value of the structure before the
damage occurred. The legislation also provides that the income tax
credit is fully refundable.

JUSTIFICATION:
Hurricane Irene and Tropical Storm Lee caused
significant damage to properties across a large swath of New York
State, particularly upstate, leading to the loss of homes,
properties, public infrastructure, businesses and income. Individuals
and families are struggling to recover after having lost everything
they own. This grief is compounded by the tax bills based on the
assessments finalized on July 1 - prior to the floods - taxes paid on
homes that may no longer even exist. This legislation will help to
ease the tax burden on these struggling families by providing an
income tax credit that is equal to the amount of taxes incurred on
any property which received substantial damage as a result of the
storms.

LEGISLATIVE HISTORY:
New bill.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:

Immediately.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6060--A

                            I N  S E N A T E

                               (PREFILED)

                             January 4, 2012
                               ___________

Introduced  by  Sens.  SEWARD, BONACIC, FARLEY, HANNON, JOHNSON, LARKIN,
  LITTLE, McDONALD -- read twice and ordered printed, and  when  printed
  to  be  committed  to  the  Committee on Investigations and Government
  Operations -- committee discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13655-03-2

S. 6060--A                          2

  (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
SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
  S 2. This act shall take effect immediately.

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