senate Bill S6569

2013-2014 Legislative Session

Establishes an income tax credit for flood victims in the town of West Seneca, county of Erie

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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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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 06, 2014 referred to investigations and government operations

S6569 - Bill Details

See Assembly Version of this Bill:
A8789
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L

S6569 - Bill Texts

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Establishes an income tax credit for flood victims in the town of West Seneca, county of Erie in the amount of property taxes paid on property which sustained substantial damage as a result of flooding in the period from January 6, 2014 to and including January 13, 2014.

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BILL NUMBER:S6569

TITLE OF BILL: An act to amend the tax law, in relation to establishing
an income tax credit for flood victims in the town of West Seneca in the
amount of property taxes paid on property which sustained substantial
damage as a result of flooding in the period from January 6, 2014 to and
including January 13, 2014

PURPOSE:

The purpose of this legislation is to provide income tax credits for
victims of recent flooding in the town of West Seneca. The credit would
equal the amount of real property taxes paid or incurred on any property
which received substantial damage as a result of the storms.

SUMMARY OF PROVISIONS:

This bill adds a new subsection (y) to section 606 of the tax law to
provide a qualified taxpayer an income tax credit equal to the amount of
school taxes paid in taxable year 2013 and January 2014's municipal
taxes, with respect to any property that received substantial damage due
to flooding occurring in the period from January 6, 2014 to and includ-
ing January 13, 2014. The credit is only available to those whose busi-
nesses or residences were affected within the town of West Seneca and is
based on the amount of property taxes paid.

"Substantial damage" is defined as 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.

This legislation also provides that any amount of credit that exceeds
the taxpayer's tax for such year shall be treated as an overpayment of
tax to be credited or refunded.

JUSTIFICATION:

Severe weather and flooding between the dates of January 6 and January
13, 2014, resulted in significant damage to properties in the town of
West Seneca. This legislation provides relief in the form of an income
tax credit that is equal to the amount of taxes incurred on any property
which was substantially damaged by these incidents of severe weather.

LEGISLATIVE HISTORY:

New bill.

FISCAL IMPLICATIONS:

To be determined.

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
________________________________________________________________________

                                  6569

                            I N  S E N A T E

                            February 6, 2014
                               ___________

Introduced  by Sen. GALLIVAN -- 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 establishing an  income  tax
  credit  for  flood victims in the town of West Seneca in the amount of
  property taxes paid on property which sustained substantial damage  as
  a result of flooding in the period from January 6, 2014 to and includ-
  ing January 13, 2014

  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 (y) is added
to read as follows:
  (Y)  TAX  CREDIT  FOR  VICTIMS OF FLOODING IN THE TOWN OF WEST SENECA,
COUNTY OF ERIE DURING THE PERIOD FROM JANUARY SIXTH, TWO THOUSAND  FOUR-
TEEN TO AND INCLUDING JANUARY THIRTEENTH, TWO THOUSAND FOURTEEN.
  (1) ALLOWANCE OF CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CRED-
IT FOR TAXABLE YEARS TWO THOUSAND THIRTEEN AND TWO THOUSAND FOURTEEN, 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 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  JANUARY  SIXTH,  TWO THOUSAND FOURTEEN TO JANUARY THIR-
TEENTH, TWO THOUSAND FOURTEEN,  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.
                                                           LBD13860-01-4

S. 6569                             2

  (3) ELIGIBILITY. (A) THE  CREDIT  SHALL  ONLY  BE  ALLOWED  WHERE  THE
AFFECTED  PROPERTY  IS  LOCATED  WITHIN THE TOWN OF WEST SENECA. (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  THE
TAX LAW, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
  S 2. This act shall take effect immediately.

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