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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Sponsored By

Archive: Last Bill Status - In Senate Committee


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

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Actions

view actions (3)
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

Co-Sponsors

view additional co-sponsors

S6060 - Details

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

S6060 - 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.

S6060 - Sponsor Memo

S6060 - Bill Text download pdf

                    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.

Co-Sponsors

view additional co-sponsors

S6060A (ACTIVE) - Details

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

S6060A (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.

S6060A (ACTIVE) - Sponsor Memo

S6060A (ACTIVE) - Bill 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

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