NY State Senate Bill 2019-S5488

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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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to budget and revenue
May 02, 2019	referred to budget and revenue

2019-S5488 (ACTIVE) - Details

See Assembly Version of this Bill:: A4439
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §§606 & 210-B, Tax L
Versions Introduced in Other Legislative Sessions:: 2013-2014: S5260, A7609
2015-2016: S2587, A4227
2017-2018: S3519, A3885
2021-2022: S3662
2023-2024: S1843
2025-2026: S3411

2019-S5488 (ACTIVE) - Summary

Provides a tax credit for the installation of fire sprinkler systems.

2019-S5488 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S5488

SPONSOR: COMRIE
 
TITLE OF BILL:  An act to amend the tax law, in relation to providing
tax credits for the installation of fire sprinkler systems

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would incentivize the installation of sprinkler system in
residential properties by providing a twenty-five percent tax credit to
residential property owners who install such systems.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends section 606 of the tax law by adding a new subsection
ww that would allow residential property owners who install sprinkler
systems to be eligible for a tax credit of twenty-live percent of the
cost of labor and materials needed to install such system.

Section 2 amends section 210 of the tax law by adding a new subsection
47 that would allow residential property owners who install sprinkler

systems to be eligible for a tax credit of twenty-five percent of the
cost of labor and materials needed to install such system.

Section 3 sets forth an immediate effective date.

 
JUSTIFICATION:

On January 21, 2012, Kerry Rose Fitzsimons, Eva Block, and Kevin Johnson
were tragically killed in an off-campus house fire while attending
Marist College. The fire was so strong and so fast that none of the
three students were able to escape.

What is known for certain was that there was no sprinkler system
installed in the off-campus home. According to the Fire Sprinkler Initi-
ative, the availability of smoke detectors, coupled with a maintained
and operative sprinkler system installed in a residence, decreases the
risk of dying in a fire by over 80%. Currently, however, sprinkler
systems are only required in newly constructed apartment buildings
outside of the "Big 5" cities. Existing apartment buildings-and any
other type of residential dwelling-do not currently require sprinkler
systems.

It is therefore troubling that many residences in neighborhoods
surrounding colleges and universities which are rented to students
attending those institutions often do not have sprinkler systems
installed. The intent of this legislation is to appeal to those property
owners by offering a financial incentive to add a sprinkler system.
Providing a tax incentive will be beneficial not only to the owner of
the property, but also to the tenants of the property if the sprinkler
system is installed.

 
PRIOR LEGISLATIVE HISTORY:

A3885 of 2017-18 : Referred to Ways and Means.
S3519 of 2017-18 : Referred to Investigations and Government Operations.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S5488 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5488
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                                May 2, 2019
                                ___________
 
 Introduced  by  Sen.  COMRIE -- 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 providing  tax  credits  for
   the installation of fire sprinkler systems
 
   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 (kkk) to read as follows:
   (KKK) FIRE SPRINKLER TAX CREDIT FOR RESIDENTIAL PROPERTIES. (1) ALLOW-
 ANCE  OF CREDIT. A TAXPAYER WHO IS A RESIDENTIAL PROPERTY OWNER 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
 TWENTY-FIVE PERCENT OF THE COST OF THE LABOR  AND  MATERIALS  NEEDED  TO
 INSTALL SPRINKLER SYSTEMS AS DEFINED BY SECTION ONE HUNDRED FIFTY-FIVE-A
 OF  THE  EXECUTIVE  LAW,  BY  THE  RESIDENTIAL PROPERTY OWNER, PROVIDED,
 HOWEVER, THAT THIS SUBSECTION SHALL APPLY ONLY TO RESIDENTIAL PROPERTIES
 IN MUNICIPALITIES THAT DO NOT ALREADY REQUIRE FIRE SPRINKLER SYSTEMS  BE
 INSTALLED.
   (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
 THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
 SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
 CREDITED  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. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 54 to read as follows:
   54. FIRE SPRINKLER TAX CREDIT FOR RESIDENTIAL PROPERTIES.  (1)  ALLOW-
 ANCE  OF CREDIT. A TAXPAYER WHO IS A RESIDENTIAL PROPERTY OWNER 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
 TWENTY-FIVE PERCENT OF THE COST OF THE LABOR  AND  MATERIALS  NEEDED  TO
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD07801-03-9

 S. 5488                             2
 
 INSTALL SPRINKLER SYSTEMS AS DEFINED BY SECTION ONE HUNDRED FIFTY-FIVE-A
 OF  THE  EXECUTIVE  LAW,  BY  THE  RESIDENTIAL PROPERTY OWNER, PROVIDED,
 HOWEVER, THAT THIS SUBDIVISION SHALL APPLY ONLY TO  RESIDENTIAL  PROPER-
 TIES  IN  MUNICIPALITIES  THAT  DO  NOT  ALREADY  REQUIRE FIRE SPRINKLER
 SYSTEMS BE INSTALLED.
   (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
 THIS  SUBDIVISION  FOR  ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX
 FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO
 BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
 HUNDRED  EIGHTY-SIX OF THIS CHAPTER, PROVIDED, HOWEVER, THAT NO INTEREST
 SHALL BE PAID THEREON.
   § 3. This act shall take effect immediately.

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Senate Bill S5488

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

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2019-S5488 (ACTIVE) - Details

2019-S5488 (ACTIVE) - Summary

2019-S5488 (ACTIVE) - Sponsor Memo

2019-S5488 (ACTIVE) - Bill Text download pdf

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Sponsored By

Leroy Comrie

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

Actions

2019-S5488 (ACTIVE) - Details

2019-S5488 (ACTIVE) - Summary

2019-S5488 (ACTIVE) - Sponsor Memo

2019-S5488 (ACTIVE) - Bill Text download pdf

Comments