Senate Bill S4125

2019-2020 Legislative Session

Creates a disabled person retrofit tax credit

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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

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2019-S4125 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S5058
2013-2014: S1573
2015-2016: S1388
2017-2018: S2829
2021-2022: S4663
2023-2024: S5276

2019-S4125 (ACTIVE) - Summary

Creates a disabled person retrofit tax credit.

2019-S4125 (ACTIVE) - Sponsor Memo

2019-S4125 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4125
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               March 1, 2019
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation to creating a  disabled  person
   retrofit tax 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 (jjj) to read as follows:
   (JJJ)  DISABLED  PERSON  RETROFIT  TAX  CREDIT.  (1) FOR TAXABLE YEARS
 BEGINNING ON OR AFTER JANUARY FIRST, TWO  THOUSAND  TWENTY,  A  TAXPAYER
 SHALL  BE  ALLOWED  A  CREDIT,  TO  BE COMPUTED AS HEREINAFTER PROVIDED,
 AGAINST THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT  SHALL
 BE  EQUAL  TO THIRTY PERCENT OF THE COST OF THE EXPENDITURES MADE BY THE
 TAXPAYER WITH RESPECT TO THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A
 DWELLING OCCUPIED BY THE TAXPAYER AS HIS OR HER  PRIMARY  RESIDENCE  AND
 MAY BE ALLOWED IN THE TAXABLE YEAR IN WHICH THE EXPENDITURE IS INCURRED;
 PROVIDED  THAT THE LIFETIME CREDIT ALLOWABLE WITH REGARD TO EXPENDITURES
 FOR THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A PARTICULAR  DWELLING
 BY  ANY TAXPAYER SHALL NOT EXCEED FIVE THOUSAND DOLLARS IN THE AGGREGATE
 FOR IMPROVEMENTS MADE TO THAT DWELLING. SUBJECT  TO  THE  PROVISIONS  OF
 THIS  SUBSECTION,  A  TAXPAYER  SHALL BE ALLOWED A CREDIT, NOT TO EXCEED
 FIVE THOUSAND DOLLARS IN THE  AGGREGATE,  FOR  EACH  DWELLING  THAT  THE
 TAXPAYER  OCCUPIES  AS  HIS  OR  HER  PRIMARY RESIDENCE AND AT WHICH THE
 TAXPAYER INSTALLS QUALIFIED IMPROVEMENTS.
   (2) AS USED IN THIS  SUBSECTION  "QUALIFIED  IMPROVEMENTS"  MEANS  THE
 INSTALLATION OF:
   (A)  A  NO-STEP  ENTRANCE  OR ENTRANCES ALLOWING ACCESS INTO THE RESI-
 DENCE;
   (B) INTERIOR PASSAGE DOORS PROVIDING AT LEAST A THIRTY-TWO  INCH  WIDE
 OPENING;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09399-01-9
              

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