|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 26, 2018||referred to ways and means|
assembly Bill A9623
Archive: Last Bill Status - In Assembly Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
A9623 (ACTIVE) - Details
A9623 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9623 I N A S S E M B L Y January 26, 2018 ___________ Introduced by M. of A. WALLACE -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to establishing a sanitary sewer lateral pipe replacement or repair credit 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) SANITARY SEWER LATERAL PIPE REPLACEMENT CREDIT. (1) GENERAL. AN INDIVIDUAL TAXPAYER SHALL BE ALLOWED A CREDIT FOR TAXABLE YEARS BEGIN- NING ON OR AFTER JANUARY FIRST, TWO THOUSAND EIGHTEEN AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE COSTS TO REPAIR OR REPLACE A LATERAL SANITARY SEWER PIPE, WHEN SUCH REPAIR OR REPLACEMENT IS RECOMMENDED BY A CERTIFIED PLUMBER OR THE PRESIDING MUNICIPALITY. THE AMOUNT OF THE CRED- IT SHALL BE TWENTY-FIVE PERCENT OF THE TOTAL COST OF REPAIR OR REMOVAL. (2) LATERAL REPAIR AND REPLACEMENT COSTS. (A) THE TERM "COSTS OF REPLACEMENT" INCLUDES THE COST OF AN ASSESSMENT FROM A PLUMBER, ANY INITIAL APPRAISALS, LABOR COSTS, DISPOSAL FEES, AND CLEANUP FEES; EXCEPT ANY STATE OR LOCAL SALES TAX APPLICABLE TO THE SERVICES PERFORMED. (B) THE TERM "COSTS OF REPAIR" INCLUDES THE COST OF AN ASSESSMENT FROM A PLUMBER, ANY INITIAL APPRAISALS, LABOR COSTS, DISPOSAL FEES, AND FOLLOW-UP FEES; EXCEPT ANY STATE OR LOCAL SALES TAX APPLICABLE TO THE SERVICES. (3) AMOUNT OF CREDIT. THE AGGREGATE AMOUNT OF TAX CREDITS ALLOWED UNDER THIS SUBSECTION IN ANY CALENDAR YEAR STATEWIDE SHALL BE FIVE MILLION DOLLARS. (4) LATERAL REPAIR OR REPLACEMENT FOR QUALIFIED TAXPAYERS. A PROPERTY OWNER WHO INCURS COSTS FOR REPAIRING OR REPLACING LATERAL SEWER PIPES MUST BE REPLACING OR REPAIRING THE LATERAL PIPE LOCATED ON A RESIDENTIAL PROPERTY OR MIXED-USE PROPERTY, WHICH IS: (A) LOCATED IN THIS STATE; (B) OWNED BY THE TAXPAYER; (C) USED BY THE TAXPAYER AS THEIR PRINCIPAL RESIDENCE; AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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