|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to investigations and government operations|
senate Bill S6173
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6173 - Details
- See Assembly Version of this Bill:
- Law Section:
- Tax Law
- Laws Affected:
- Amd §§615 & 606, Tax L; amd §190, Nav L
S6173 - Sponsor Memo
BILL NUMBER:S6173 TITLE OF BILL: An act to amend the tax law, in relation to modifica- tions increasing federalized itemized deductions for removing under- ground home heating oil storage tanks; and to amend the navigation law, in relation to claims against insurers for oil spills from underground heating oil tanks and to amend the tax law, in relation to establishing a residential fund oil storage tank credit and providing for the repeal of certain provisions upon expiration thereof PURPOSE: To require homeowners' insurance policies in New York State to cover damage and cost of clean-up for leakage from the insured's underground heating oil tank; and to create a "residential fuel oil storage tank credit", to allow for a tax credit, up to $500, for the removal cost of an existing unprotected, buried tank and replacement with a modern one, meeting certain standards. SUMMARY OF PROVISIONS: Section 1 amends subsection (d) of section 615 of the tax law by adding a new paragraph 5, that allows for the deduction of up to $1000 from income taxes for the owner of a 1, 2, or 3 family home upon the replace- ment of a buried tank with a new tank, meeting certain standards, or an alternate heating source.
S6173 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6173 I N S E N A T E (PREFILED) January 8, 2014 ___________ Introduced by Sen. TKACZYK -- 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 modifications increasing federalized itemized deductions for removing underground home heating oil storage tanks; and to amend the navigation law, in relation to claims against insurers for oil spills from underground heating oil tanks and to amend the tax law, in relation to establishing a residen- tial fund oil storage tank credit and providing for the repeal of certain provisions upon expiration thereof 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 WHO PROMOTES ENVIRONMENTAL QUALITY THROUGH THE REMOVAL OF AN UNDERGROUND HOME HEATING OIL STORAGE TANK AND THE REPLACEMENT OF SUCH TANK WITH AN ABOVE GROUND HOME HEATING OIL STORAGE TANK OR ANOTHER SOURCE OF HOME HEATING. THIS DEDUCTION IS LIMITED TO ONE THOUSAND DOLLARS IN ANY ONE YEAR. S 2. Section 190 of the navigation law, as added by chapter 845 of the laws of 1977, is amended to read as follows: S 190. Claims against insurers. (A) Any claims for costs of cleanup and removal, civil penalties or damages by the state and any claim for damages by any injured person, may be brought directly against the bond, the insurer, or any other person providing evidence of financial respon- sibility. (B) ALL HOMEOWNERS' POLICIES OF INSURANCE IN THIS STATE WHICH SHALL INSURE AGAINST DAMAGE TO PROPERTY SHALL CLEARLY PROVIDE THAT THE ATTEND- ANT COSTS OF REMEDIATING THE CONSEQUENCES OF AN OIL SPILL OR LEAKAGE FROM THE INSURED'S UNDERGROUND HEATING OIL TANK SHALL CONSTITUTE PROPER- TY DAMAGE AND SHALL BE INSURABLE WITHIN THE MEANING OF THE GENERAL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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