senate Bill S814

2011-2012 Legislative Session

Provides for an increase in federal itemized deduction for home improvements which promote water quality

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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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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to investigations and government operations
Jan 05, 2011 referred to investigations and government operations

S814 - Bill Details

See Assembly Version of this Bill:
A517
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §615, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S234, A344

S814 - Bill Texts

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Provides for an increase in federal itemized deduction for certain home improvements; a fifty percent tax exemption is provided to a residential property owner of a one, two or three family home for improvements that will promote environmental quality; limits the deduction to $1,000 in any one tax year.

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BILL NUMBER:S814

TITLE OF BILL:
An act
to amend the tax law, in relation to modifications increasing federal
itemized deductions for home improvements

PURPOSE:
A fifty percent enticement to improve a one, two or three-family home
that will promote environmental quality.

SUMMARY OF PROVISIONS:
Adds a new paragraph 5 to §1 subsection (d) of §615 of the tax law.

LEGISLATIVE HISTORY:
2009-10, S.234;
2007-08, S.144; 2005-06, S.584; 2003-04, S.723; 2001-02, S.2106;
1999-00, S.1636; 1997-98, S.2661

FISCAL IMPLICATIONS:
An amount, not to exceed fifty percent of the amount expended by a
taxpayer who is a homeowner. This deduction is limited to one
thousand dollars in anyone tax year.

EFFECTIVE DATE:
This act shall take effect immediately.

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

    S. 814                                                    A. 517

                       2011-2012 Regular Sessions

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

                               (PREFILED)

                             January 5, 2011
                               ___________

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

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

AN  ACT  to  amend  the tax law, in relation to modifications increasing
  federal itemized deductions for home improvements

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

  Section  1. Subsection (d) of section 615 of the tax law is amended by
adding a new paragraph 5 to read as follows:
  (5) AN AMOUNT, NOT TO EXCEED FIFTY PERCENT OF THE AMOUNT EXPENDED BY A
TAXPAYER WHO IS THE OWNER OF A ONE, TWO OR THREE FAMILY HOME FOR  MAKING
AN  IMPROVEMENT  TO  SAID HOME WHICH WILL PROMOTE ENVIRONMENTAL QUALITY,
INCLUDING THE REPLACEMENT OR UPGRADE OF AN  INDIVIDUAL  SEWAGE  DISPOSAL
SYSTEM,  REPLACEMENT OR UPGRADE OF FUEL OIL TANKS, OR THE INSTALLMENT OF
A STORM WATER COLLECTION AND RECHARGE SYSTEM. THIS DEDUCTION IS  LIMITED
TO ONE THOUSAND DOLLARS IN ANY ONE TAX YEAR.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03752-01-1

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