senate Bill S3850

2013-2014 Legislative Session

Provides a tax credit for businesses in heightened flood risk zones that purchase flood insurance

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


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

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 17, 2014 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1434
committee discharged and committed to rules
May 13, 2014 reported and committed to finance
Jan 08, 2014 referred to investigations and government operations
returned to senate
died in assembly
Jun 17, 2013 referred to ways and means
delivered to assembly
passed senate
ordered to third reading cal.1381
committee discharged and committed to rules
Feb 22, 2013 referred to investigations and government operations

Votes

view votes

Jun 17, 2014 - Rules committee Vote

S3850
23
1
committee
23
Aye
1
Nay
0
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Rules committee vote details

May 13, 2014 - Investigations and Government Operations committee Vote

S3850
9
0
committee
9
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: May 13, 2014

Jun 17, 2013 - Rules committee Vote

S3850
23
0
committee
23
Aye
0
Nay
1
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Rules committee vote details

Co-Sponsors

S3850 - Details

See Assembly Version of this Bill:
A6982
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 606, Tax L

S3850 - Summary

Provides a tax credit for businesses in a heightened flood risk zone that purchase flood insurance: 75% of cost for 2014, 50% of cost for 2015, and 25% of cost for 2016.

S3850 - Sponsor Memo

S3850 - Bill Text download pdf

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

                                  3850

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            February 22, 2013
                               ___________

Introduced  by  Sens.  SAVINO,  CARLUCCI,  KLEIN, SMITH, VALESKY -- 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 providing a tax credit for
  businesses that purchase flood insurance; and providing for the repeal
  of such provisions upon expiration thereof

  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 46 to read as follows:
  46. TAX CREDIT FOR BUSINESSES WHICH PURCHASE FLOOD INSURANCE.   (A)  A
QUALIFIED TAXPAYER SHALL BE ALLOWED AN ANNUAL CREDIT FOR THE PURCHASE OF
FLOOD  INSURANCE. THE CREDIT SHALL BE EQUAL TO: (I) SEVENTY-FIVE PERCENT
OF THE COST OF FLOOD INSURANCE FOR THE  BUSINESS  ON  OR  AFTER  JANUARY
FIRST,  TWO  THOUSAND  FOURTEEN; (II) FIFTY PERCENT OF THE COST OF FLOOD
INSURANCE FOR THE BUSINESS ON  OR  AFTER  JANUARY  FIRST,  TWO  THOUSAND
FIFTEEN;  AND  (III)  TWENTY-FIVE PERCENT OF THE COST OF FLOOD INSURANCE
FOR THE BUSINESS ON OR AFTER JANUARY FIRST,  TWO  THOUSAND  FIFTEEN  AND
BEFORE JANUARY FIRST, TWO THOUSAND SIXTEEN.
  (B) IN NO EVENT SHALL THE CREDIT UNDER THIS SUBDIVISION REDUCE THE TAX
PAYABLE  TO  LESS THAN THE DOLLAR AMOUNT FIXED AS A MINIMUM TAX BY PARA-
GRAPH (D) OF SUBDIVISION ONE OF THIS SECTION. HOWEVER, IF THE AMOUNT  OF
CREDIT  ALLOWED  UNDER  THIS SUBDIVISION FOR ANY TAXABLE YEAR WOULD HAVE
REDUCED THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS  NOT  USED  IN
SUCH TAXABLE YEAR MAY BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED
OR  REFUNDED  IN  ACCORDANCE WITH THE PROVISIONS OF SECTION ONE THOUSAND
EIGHTY-SIX OF THIS CHAPTER.
  (C) FOR PURPOSES  OF  THIS  SUBDIVISION,  "QUALIFIED  TAXPAYER"  SHALL
INCLUDE, BUT NOT BE LIMITED TO BUSINESSES OPERATING IN OR OUT OF A RESI-
DENCE  WHOSE BUSINESS IS LOCATED WITHIN A HEIGHTENED FLOOD RISK ZONE AND
DOES NOT CURRENTLY HAVE FLOOD INSURANCE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09183-02-3

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.