senate Bill S5260

2013-2014 Legislative Session

Provides a tax credit for the installation of fire sprinkler systems

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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 08, 2014 referred to investigations and government operations
May 15, 2013 referred to investigations and government operations

Co-Sponsors

S5260 - Bill Details

See Assembly Version of this Bill:
A7609
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยงยง606 & 210, Tax L

S5260 - Bill Texts

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Provides a tax credit for the installation of fire sprinkler systems.

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BILL NUMBER:S5260

TITLE OF BILL: An act to amend the tax law, in relation to providing
tax credits for the installation of fire sprinkler systems

PURPOSE: This bill would incentivize the installation of sprinkler
system in residential properties by providing a twenty-five percent
tax credit to residential property owners who install such systems.

SUMMARY OF PROVISIONS:

Section 1 amends section 606 of the tax law by adding a new subsection
ww that would allow residential property owners who install sprinkler
systems to be eligible for a tax credit of twenty-five percent of the
cost of labor and materials needed to install such system.

Section 2 amends section 210 of the tax law by adding a new subsection
47 that would allow residential property owners who install sprinkler
systems to be eligible for a tax credit of twenty-five percent of the
cost of labor and materials needed to install such system.

Section 3 sets forth an immediate effective date.

JUSTIFICATION: On January 21, 2012, Kerry Rose Fitzsimons, Eva Block,
and Kevin Johnson were tragically killed in an off-campus house fire
while attending Marist College. The fire was so strong and so fast
that none of the three students were able to escape.

What is known for certain was that there was no sprinkler system
installed in the off-campus home. According to the Fire Sprinkler
Initiative, the availability of smoke detectors, coupled with a
maintained and operative sprinkler system installed in a residence,
decreases the risk of dying in a fire by over 80%. Currently, however,
sprinkler systems are only required in newly constructed apartment
buildings outside of the "Big 5" cities. Existing apartment
buildings-and any other type of residential dwelling-do not currently
require sprinkler systems.

It is therefore troubling that many residences in neighborhoods
surrounding colleges and universities which are rented to students
attending those institutions, often do not have sprinkler systems
installed. The intent of this legislation is to appeal to those
property owners by offering a financial incentive to add a sprinkler
system. Providing a tax incentive will be beneficial not only to the
owner of the property, but also to the tenants of the property if the
sprinkler system is installed.

Because there are so many residences currently without sprinkler
systems-particularly residences surrounding colleges and universities
like the one Kerry Rose, Eva, and Kevin were in-it is crucial that we
encourage residential property owners to install sprinkler systems.
By doing so, we may hope to decrease the occurrences of such tragedies
in the future.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None


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
________________________________________________________________________

                                  5260

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 15, 2013
                               ___________

Introduced  by Sen. FLANAGAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to providing  tax  credits  for
  the installation of fire sprinkler systems

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

  Section 1. Subsections (yy) and (zz) of section 606 of the tax law, as
relettered by section 5 of part H of chapter 1 of the laws of 2003,  are
relettered  subsections  (yyy)  and  (zzz)  and a new subsection (ww) is
added to read as follows:
  (WW) FIRE SPRINKLER TAX CREDIT FOR RESIDENTIAL PROPERTIES. (1)  ALLOW-
ANCE  OF CREDIT. A TAXPAYER WHO IS A RESIDENTIAL PROPERTY OWNER SHALL BE
ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER  PROVIDED,  AGAINST  THE
TAX  IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO
TWENTY-FIVE PERCENT OF THE COST OF THE LABOR  AND  MATERIALS  NEEDED  TO
INSTALL SPRINKLER SYSTEMS AS DEFINED BY SECTION ONE HUNDRED FIFTY-FIVE-A
OF  THE  EXECUTIVE  LAW,  BY  THE  RESIDENTIAL PROPERTY OWNER, PROVIDED,
HOWEVER, THAT THIS SUBSECTION SHALL APPLY ONLY TO RESIDENTIAL PROPERTIES
IN MUNICIPALITIES THAT DO NOT ALREADY REQUIRE FIRE SPRINKLER SYSTEMS  BE
INSTALLED.
  (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR 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. Section 210 of the tax law is amended by adding a new subdivision
47 to read as follows:
  47.  FIRE  SPRINKLER TAX CREDIT FOR RESIDENTIAL PROPERTIES. (1) ALLOW-
ANCE OF CREDIT. A TAXPAYER WHO IS A RESIDENTIAL PROPERTY OWNER SHALL  BE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11053-01-3

S. 5260                             2

ALLOWED  A  CREDIT,  TO BE COMPUTER AS HEREINAFTER PROVIDED, AGAINST THE
TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL  TO
TWENTY-FIVE  PERCENT  OF  THE  COST OF THE LABOR AND MATERIALS NEEDED TO
INSTALL SPRINKLER SYSTEMS AS DEFINED BY SECTION ONE HUNDRED FIFTY-FIVE-A
OF  THE  EXECUTIVE  LAW,  BY  THE  RESIDENTIAL PROPERTY OWNER, PROVIDED,
HOWEVER, THAT THIS SUBDIVISION SHALL APPLY ONLY TO  RESIDENTIAL  PROPER-
TIES  IN  MUNICIPALITIES  THAT  DO  NOT  ALREADY  REQUIRE FIRE SPRINKLER
SYSTEMS BE INSTALLED.
  (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
THIS  SUBDIVISION  FOR  ANY TAXABLE YEAR 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 CHAPTER, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON.
  S 3. This act shall take effect immediately.

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