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Senate Bill S2101

2015-2016 Legislative Session

Provides for an increase in federal itemized deduction for home improvements which promote water quality

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2015-S2101 (ACTIVE) - Details

See Assembly Version of this Bill:
A3030
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §615, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S234, A344
2011-2012: S814, A517
2013-2014: S4632, A6693
2017-2018: S3174, A2395

2015-S2101 (ACTIVE) - Summary

Provides for an increase in federal itemized deduction for certain home improvements; a fifty percent tax exemption is provided to a residential property owner of a one, two or three family home for improvements that will promote environmental quality; limits the deduction to $1,000 in any one tax year.

2015-S2101 (ACTIVE) - Sponsor Memo

2015-S2101 (ACTIVE) - Bill Text download pdf 

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

    S. 2101                                                  A. 3030

                       2015-2016 Regular Sessions

                      S E N A T E - A S S E M B L Y

                            January 21, 2015
                               ___________

IN  SENATE  -- Introduced by Sens. LAVALLE, DeFRANCISCO, LARKIN, MARTINS
  -- read twice and ordered printed, and when printed to be committed to
  the Committee on Investigations and Government Operations

IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once  and  referred
  to the Committee on Ways and Means

AN  ACT  to  amend  the tax law, in relation to modifications increasing
  federal itemized deductions for home improvements

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Subsection (d) of section 615 of the tax law is amended by
adding a new paragraph 5 to read as follows:
  (5) AN AMOUNT, NOT TO EXCEED FIFTY PERCENT OF THE AMOUNT EXPENDED BY A
TAXPAYER WHO IS THE OWNER OF A ONE, TWO OR THREE FAMILY HOME FOR  MAKING
AN  IMPROVEMENT  TO  SAID HOME WHICH WILL PROMOTE ENVIRONMENTAL QUALITY,
INCLUDING THE REPLACEMENT OR UPGRADE OF AN  INDIVIDUAL  SEWAGE  DISPOSAL
SYSTEM,  REPLACEMENT OR UPGRADE OF FUEL OIL TANKS, OR THE INSTALLMENT OF
A STORM WATER COLLECTION AND RECHARGE SYSTEM. THIS DEDUCTION IS  LIMITED
TO ONE THOUSAND DOLLARS IN ANY ONE TAX YEAR.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07183-01-5

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