Assembly Bill A4659

2017-2018 Legislative Session

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

download bill text pdf

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Archive: Last Bill Status - Stricken

  • 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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2017-A4659 (ACTIVE) - Details

See Senate Version of this Bill:
S5757
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7174
2015-2016: A10418, S3471
2019-2020: S813
2021-2022: S4300
2023-2024: S6234

2017-A4659 (ACTIVE) - Summary

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

2017-A4659 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4659
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 3, 2017
                                ___________
 
 Introduced by M. of A. KEARNS -- read once and referred to the Committee
   on Ways and Means
 
 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.
   § 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.
                                                            LBD02419-01-7

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