Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 27, 2014 |
referred to ways and means delivered to assembly passed senate |
Jan 13, 2014 |
ordered to third reading cal.3 committee discharged and committed to rules |
Jan 08, 2014 |
referred to investigations and government operations |
Nov 15, 2013 |
referred to rules |
Senate Bill S5985
2013-2014 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
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
Actions
Votes
co-Sponsors
(R, C, IP) Senate District
(R, C) 53rd Senate District
(R, C) Senate District
(R) Senate District
2013-S5985 (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Amd ยง606, Tax L
2013-S5985 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5985 TITLE OF BILL: An act to amend the tax law, in relation to establishing a tax credit for certain flood victims PURPOSE: The purpose of this legislation is to provide income tax credits for victims of recent flooding in various counties throughout upstate New York. 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: The legislation adds a new subsection xx to section 606 of the tax law to provide a qualified taxpayer an income tax credit equal to his school real property 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 during designated periods. The credit is only available to those whose businesses or residences were affected and is based on the amount of property taxes paid. "Substantial damage" is defined as damage wherein the cost of restoring the structure to its previous condition would equal or
2013-S5985 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5985 2013-2014 Regular Sessions I N S E N A T E November 15, 2013 ___________ Introduced by Sens. SEWARD, FARLEY, GRIFFO, MAZIARZ, O'MARA -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to establishing a tax credit for certain flood victims 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 (xx) is added to read as follows: (XX) TAX CREDIT FOR VICTIMS OF FLOODING IN THE FOLLOWING COUNTIES DURING THE PERIOD FROM JUNE TWENTIETH, TWO THOUSAND THIRTEEN TO AND INCLUDING AUGUST NINTH, TWO THOUSAND THIRTEEN: ONEIDA, HERKIMER, MADI- SON, MONTGOMERY, TOMPKINS, CORTLAND, CHEMUNG, SCHUYLER, STEUBEN, AND NIAGARA. (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 CITY, VILLAGE, 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 JUNE TWENTIETH, TWO THOUSAND THIRTEEN TO AUGUST NINTH, TWO THOUSAND THIRTEEN, 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11936-02-3
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.