S T A T E O F N E W Y O R K
________________________________________________________________________
8664--A
I N A S S E M B L Y
January 31, 2014
___________
Introduced by M. of A. BRINDISI, SANTABARBARA, PALUMBO, BROOK-KRASNY,
CROUCH -- Multi-Sponsored by -- M. of A. CERETTO, MAGEE, RIVERA --
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 establishing a tax credit
for certain flood victims
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 (ccc) to read as follows:
(CCC) TAX CREDIT FOR VICTIMS OF FLOODING IN THE FOLLOWING COUNTIES
DURING THE PERIOD FROM JUNE TWENTIETH, TWO THOUSAND THIRTEEN TO AND
INCLUDING AUGUST NINTH, TWO THOUSAND THIRTEEN: ONEIDA, HERKIMER, MADI-
SON, MONTGOMERY, TOMPKINS, CORTLAND, CHEMUNG, SCHUYLER, STEUBEN, AND
NIAGARA.
(1) ALLOWANCE OF CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CRED-
IT FOR TAXABLE YEARS TWO THOUSAND FOURTEEN AND TWO THOUSAND FIFTEEN, 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 AMOUNT OF SCHOOL TAXES PAID FOR THE TWO THOUSAND THIRTEEN--TWO THOU-
SAND FOURTEEN SCHOOL YEAR AND THE AMOUNT OF ANY CITY, VILLAGE, TOWN AND
COUNTY TAXES PAID IN TAXABLE YEAR TWO THOUSAND FOURTEEN WITH RESPECT TO
ANY PROPERTY WHICH RECEIVED SUBSTANTIAL DAMAGE AS A RESULT OF SEVERE
FLOODING DURING THE PERIOD OF JUNE TWENTIETH, TWO THOUSAND THIRTEEN TO
AUGUST NINTH, TWO THOUSAND THIRTEEN, INCLUSIVE.
(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.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11936-03-4
A. 8664--A 2
(3) ELIGIBILITY. (A) THE CREDIT SHALL ONLY BE ALLOWED WHERE THE
AFFECTED PROPERTY IS LOCATED IN A COUNTY IN THIS STATE WHICH WAS
DECLARED BY THE GOVERNOR TO BE A STATE DISASTER EMERGENCY DECLARATION
AREA OR HAS SOUGHT OR IS ELIGIBLE TO RECEIVE FEDERAL AID OR ASSISTANCE
FROM THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS A RESULT OF SEVERE
FLOODING DURING THE PERIOD OF JUNE TWENTIETH, TWO THOUSAND THIRTEEN TO
AUGUST NINTH, TWO THOUSAND THIRTEEN, INCLUSIVE.
(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.