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 - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-S3850 (ACTIVE) - Details

See Assembly Version of this Bill:
A6982
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 606, Tax L
Versions Introduced in 2015-2016 Legislative Session:
S3676, A6968

2013-S3850 (ACTIVE) - 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.

2013-S3850 (ACTIVE) - Sponsor Memo

2013-S3850 (ACTIVE) - 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
              

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