S T A T E O F N E W Y O R K
________________________________________________________________________
9231--A
I N A S S E M B L Y
February 7, 2012
___________
Introduced by M. of A. DenDEKKER, LOSQUADRO, CASTRO, WEPRIN, SCHIMMING-
ER, CRESPO, M. MILLER, LAVINE, COLTON, BENEDETTO, SALADINO, RAIA,
RAMOS, MENG -- Multi-Sponsored by -- M. of A. BOYLAND, BROOK-KRASNY,
FINCH, P. RIVERA, ROBINSON, SIMANOWITZ, TITONE, WEISENBERG -- read
once and referred to the Committee on Ways and Means -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to amend the tax law, in relation to providing a tax credit for
the purchase and installation of a security system
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 210 of the tax law is amended by adding a new
subdivision 24-a to read as follows:
24-A. CREDIT FOR PURCHASE AND INSTALLATION OF SECURITY SYSTEM. (A) A
TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS
SUBDIVISION, AGAINST THE TAX IMPOSED BY THIS ARTICLE, FOR THE PURCHASE,
OTHER THAN FOR RESALE, OF A SECURITY SYSTEM, PROVIDED SUCH TAXPAYER
REGISTERS SUCH SYSTEM WITH THE DIVISION OF HOMELAND SECURITY AND EMER-
GENCY SERVICES. THE AMOUNT OF CREDIT SHALL EQUAL THE AMOUNT PAID BY THE
TAXPAYER DURING THE TAXABLE YEAR, UP TO FIVE HUNDRED DOLLARS, FOR THE
PURCHASE AND INSTALLATION OF ANY SECURITY SYSTEM.
(B) FOR THE PURPOSES OF THIS SUBDIVISION, "SECURITY SYSTEM" IS DEFINED
AS A CLOSED-CIRCUIT TELEVISION OR OTHER ELECTRONIC SECURITY SYSTEM
INSTALLED TO DETECT INTRUSION, BREAK-IN, MOVEMENT, SOUND OR FIRE.
(C) A TAXPAYER SHALL NOT BE ALLOWED A TAX CREDIT UNDER THIS SUBDIVI-
SION IF SUCH TAXPAYER PREVIOUSLY RECEIVED A TAX CREDIT UNDER THIS SUBDI-
VISION.
(D) THE CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR
WILL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN THE AMOUNT
PRESCRIBED IN PARAGRAPH (D) OF SUBDIVISION ONE OF THIS SECTION. HOWEVER,
IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE
YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS NOT
DEDUCTIBLE IN SUCH TAXABLE YEAR WILL BE TREATED AS AN OVERPAYMENT OF TAX
TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14237-03-2
A. 9231--A 2
ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER, THE
PROVISIONS OF SUBSECTION (C) OF SECTION ONE THOUSAND EIGHTY-EIGHT OF
THIS CHAPTER NOTWITHSTANDING, NO INTEREST WILL BE PAID THEREON.
S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a new clause (xxxiv) to read as
follows:
(XXXIV) CREDIT FOR PURCHASE PURCHASE AND INSTALLATION
AND INSTALLATION OF A COSTS OF A SECURITY SYSTEM
SECURITY SYSTEM UNDER SUBDIVISION
UNDER SUBSECTION (S-1) TWENTY-FOUR-A OF SECTION
TWO HUNDRED TEN OR
SUBSECTION (J-1) OF
SECTION FOURTEEN HUNDRED
FIFTY-SIX
S 3. Section 606 of the tax law is amended by adding a new subsection
(s-1) to read as follows:
(S-1) (1) CREDIT FOR PURCHASE AND INSTALLATION OF A SECURITY SYSTEM. A
TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED, AGAINST THE
TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE AND INSTALLATION OF A SECU-
RITY SYSTEM, AS SUCH TERM IS DEFINED IN SUBDIVISION TWENTY-FOUR-A OF
SECTION TWO HUNDRED TEN OF THIS CHAPTER, PROVIDED SUCH TAXPAYER REGIS-
TERS SUCH SYSTEM WITH THE DIVISION OF HOMELAND SECURITY AND EMERGENCY
SERVICES. THE AMOUNT OF CREDIT SHALL EQUAL THE AMOUNT PAID BY THE
TAXPAYER DURING THE TAXABLE YEAR, UP TO FIVE HUNDRED DOLLARS, FOR THE
PURCHASE AND INSTALLATION OF ANY SECURITY SYSTEM. A TAXPAYER SHALL NOT
BE ALLOWED A TAX CREDIT UNDER THIS SUBSECTION IF SUCH TAXPAYER PREVIOUS-
LY RECEIVED A TAX CREDIT UNDER THIS SUBSECTION.
(2) IF THE AMOUNT OF THE 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 4. Section 1456 of the tax law is amended by adding a new subsection
(j-1) to read as follows:
(J-1) (1) CREDIT FOR PURCHASE AND INSTALLATION OF A SECURITY SYSTEM.
A TAXPAYER SHALL BE ALLOWED A CREDIT AS PROVIDED IN THIS SUBSECTION,
AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE AND INSTALLA-
TION OF A SECURITY SYSTEM, AS SUCH TERM IS DEFINED IN SUBDIVISION TWEN-
TY-FOUR-A OF SECTION TWO HUNDRED TEN OF THIS CHAPTER, PROVIDED SUCH
TAXPAYER REGISTERS SUCH SYSTEM WITH THE DIVISION OF HOMELAND SECURITY
AND EMERGENCY SERVICES. THE AMOUNT OF CREDIT SHALL EQUAL THE AMOUNT PAID
BY THE TAXPAYER DURING THE TAXABLE YEAR, UP TO FIVE HUNDRED DOLLARS, FOR
THE PURCHASE AND INSTALLATION OF ANY SECURITY SYSTEM. THE CREDIT ALLOWED
UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE
FOR SUCH YEAR TO LESS THAN THE MINIMUM TAX FIXED BY SUBSECTION (B) OF
SECTION FOURTEEN HUNDRED FIFTY-FIVE OF THIS ARTICLE. A TAXPAYER SHALL
NOT BE ALLOWED A TAX CREDIT UNDER THIS SUBSECTION IF SUCH TAXPAYER
PREVIOUSLY RECEIVED A TAX CREDIT UNDER THIS SUBSECTION.
(2) HOWEVER, IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBSECTION FOR
ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT
THUS NOT DEDUCTIBLE IN SUCH TAXABLE YEAR WILL BE TREATED AS AN OVERPAY-
MENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS
OF SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER,
THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE THOUSAND EIGHTY-EIGHT OF
THIS CHAPTER NOTWITHSTANDING, NO INTEREST WILL BE PAID THEREON.
A. 9231--A 3
S 5. Section 1511 of the tax law is amended by adding a new subdivi-
sion (1-1) to read as follows:
(1-1) (1) CREDIT FOR PURCHASE AND INSTALLATION OF SECURITY SYSTEM. A
TAXPAYER SHALL BE ALLOWED A CREDIT AS HEREINAFTER PROVIDED, AGAINST THE
TAX IMPOSED BY THIS ARTICLE FOR THE PURCHASE AND INSTALLATION OF A SECU-
RITY SYSTEM, AS SUCH TERM IS DEFINED IN SUBDIVISION TWENTY-FOUR-A OF
SECTION TWO HUNDRED TEN OF THIS CHAPTER PROVIDED SUCH TAXPAYER REGISTERS
SUCH SYSTEM WITH THE DIVISION OF HOMELAND SECURITY AND EMERGENCY
SERVICES. THE AMOUNT OF CREDIT SHALL EQUAL THE AMOUNT PAID BY THE
TAXPAYER DURING THE TAXABLE YEAR, UP TO FIVE HUNDRED DOLLARS, FOR THE
PURCHASE AND INSTALLATION OF ANY SECURITY SYSTEM. THE CREDIT ALLOWED
UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE
FOR SUCH YEAR TO LESS THAN THE MINIMUM FIXED BY PARAGRAPH FOUR OF SUBDI-
VISION (A) OF SECTION FIFTEEN HUNDRED TWO OF THIS ARTICLE. A TAXPAYER
SHALL NOT BE ALLOWED A TAX CREDIT UNDER THIS SUBDIVISION IF SUCH TAXPAY-
ER PREVIOUSLY RECEIVED A TAX CREDIT UNDER THIS SUBDIVISION.
(2) HOWEVER, IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBSECTION FOR
ANY TAXABLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT
THUS NOT DEDUCTIBLE IN SUCH TAXABLE YEAR WILL BE TREATED AS AN OVERPAY-
MENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS
OF SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER,
THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE THOUSAND EIGHTY-EIGHT OF
THIS CHAPTER NOTWITHSTANDING, NO INTEREST WILL BE PAID THEREON.
S 6. This act shall take effect immediately and shall apply to taxable
years commencing on or after January 1, 2013.