BILL NUMBER:S4092

TITLE OF BILL:

An  act  to  amend  the  tax law, in relation to establishing an elderly
residential emergency repair personal income tax credit

Purpose:

To make it easier for New York's seniors to remain in their own homes by
making repairs or improvements that are  necessary  to  the  health  and
safety of the senior more affordable to them.

Summary of Provisions:

Section  1:  Adds subsection ccc to Section 606 of the tax law to estab-
lish a credit for taxable years beginning after January first, 2015, for
the sum of all emergency repair costs incurred by  the  taxpayer  up  to
$7,500.  Defines  an  "eligible  taxpayer" as a resident taxpayer who is
sixty years of age or older, whose adjusted federal  gross  income  does
not  exceed  130%  of  the median annual income for all residents of the
region in which the taxpayer's primary  residence  is  located.  Defines
"emergency  repair"  as  any repair or modification of the primary resi-
dence of the taxpayer which is necessary to make  it  possible  for  the
taxpayer  to  continue  to  reside  in such residence, including but not
limited to:
              

a) the installation of ramps

b) the installation of bathroom or household grab bars

c) the widening of doorways

d) the lowering of light switches

e) other modifications that would make the residence wheelchair-accessi-
ble or otherwise enable the taxpayer to remain safely in the residence

Establishes that the any amount allowed under this  subsection  for  any
taxable year that exceeds the taxes paid shall be treated as overpayment
to be credited or refunded with no interest. The total amount of funding
distributed under this program is not to exceed $5 million.

Section 2: Allows the act to take effect immediately.

Justification:

New  York's housing stock is the oldest in the nation. The median age of
a housing unit in New York State is 57 years, which is greater than  the
median  age  of  our  population. This means that a large portion of our
housing units were built when concerns about the accessibility of  units
for  individuals  with some form of disability, including disability due

to age, was not a major concern. As a result, many older New Yorkers are
left with outdated housing that needs  to  be  improved  to  accommodate
senior needs.

While  many  seniors  would  see benefits to their health and safety, as
well as the accessibility  of  their  home,  with  the  installation  of
devices  such  as  ramps,  handrails, lowered light switches, or widened
doorways, they simply cannot afford to pay for it on a fixed income. The
state currently offers RESTORE funding to assist seniors in  paying  for
expensive, necessary repairs, however there are significant restrictions
on  the  use of RESTORE funds that make it very difficult for middle-in-
come seniors who need them to have access.

Providing access to safe and affordable housing is a critical  component
of our State's policy for ensuring that our seniors are able to age with
dignity.  By  providing assistance for safety upgrades for those seniors
who chose to stay in their homes we expand the usefulness of our  exist-
ing  housing stock for seniors. This program would target the homeowners
directly and allow both low- and middle-income seniors to share  in  the
benefits.

Legislative History:

New bill

Fiscal Implications:

This credit would be funded at a total of $5 million per year.

Effective Date:

This bill will take effect immediately.