senate Bill S7174

2013-2014 Legislative Session

Establishes a $500 personal income tax credit for the purchase of a gun safe

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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
May 01, 2014 referred to investigations and government operations

S7174 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L

S7174 - Summary

Establishes a $500 personal income tax credit for the purchase of a gun safe.

S7174 - Sponsor Memo

S7174 - Bill Text download pdf

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

                                  7174

                            I N  S E N A T E

                               May 1, 2014
                               ___________

Introduced  by  Sen.  LANZA  -- 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  a  personal
  income tax credit for the purchase of a gun safe

  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)  GUN  SAFE  CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE
ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE  AMOUNT
INCURRED  BY  THE TAXPAYER DURING THE TAXABLE YEAR FOR THE PURCHASE OF A
GUN SAFE.
  (2) CREDIT LIMITATION. THE AMOUNT OF THE CREDIT THAT MAY BE CLAIMED BY
A TAXPAYER PURSUANT TO THIS SUBSECTION SHALL  NOT  EXCEED  FIVE  HUNDRED
DOLLARS  IN  ANY  TAXABLE  YEAR, AND SUCH CREDIT MAY BE CLAIMED NOT MORE
FREQUENTLY THAN ONCE EVERY TEN TAXABLE YEARS.
  (3) APPLICATION OF CREDIT. IF THE AMOUNT  OF  THE  CREDIT  UNDER  THIS
SUBSECTION  FOR  A TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
ED 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, and shall apply to the
taxable year in which it takes effect and all subsequent taxable years.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14977-01-4

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