Senate Bill S5218

2019-2020 Legislative Session

Relates to a sump pump 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-S5218 (ACTIVE) - Details

See Assembly Version of this Bill:
A2447
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S7179, A9624
2021-2022: S3902
2023-2024: S4651

2019-S5218 (ACTIVE) - Summary

Establishes a sump pump installation and replacement tax credit for homeowners who use the home as their principal residence and who have an income of less than $250,000.

2019-S5218 (ACTIVE) - Sponsor Memo

2019-S5218 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5218
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              April 16, 2019
                                ___________
 
 Introduced  by  Sen. KENNEDY -- 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  establishing  a  sump  pump
   installation and replacement 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)  SUMP  PUMP INSTALLATION AND REPLACEMENT CREDIT. (1) GENERAL. AN
 INDIVIDUAL TAXPAYER SHALL BE ALLOWED A CREDIT FOR TAXABLE  YEARS  BEGIN-
 NING  ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-ONE AGAINST THE TAX
 IMPOSED BY THIS ARTICLE FOR THE COSTS FOR REPLACEMENT, REPAIR OR INSTAL-
 LATION OF A SUMP PUMP, WHEN SUCH REPAIR, REPLACEMENT, OR INSTALLATION IS
 RECOMMENDED BY A CERTIFIED PLUMBER OR MUNICIPALITY. THE  AMOUNT  OF  THE
 CREDIT  SHALL BE FIFTY PERCENT OF THE TOTAL COST OF REPLACEMENT, REPAIR,
 OR INSTALLATION.
   (2) SUMP PUMP REPLACEMENT, REPAIR AND INSTALLATION COSTS. (A) THE TERM
 "COSTS OF REPLACEMENT, REPAIR OR INSTALLATION" INCLUDES THE COST  OF  AN
 ASSESSMENT  FROM  A  PLUMBER,  ANY  INITIAL APPRAISALS, LABOR COSTS, ANY
 DISPOSAL FEES, AND ANY 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, ANY 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)  INSTALLATION AND REPAIR FOR QUALIFIED TAXPAYERS. A PROPERTY OWNER
 WHO INCURS COSTS FOR REPAIR OR REPLACEMENT OF A SUMP PUMP MUST BE  DOING
 SO ON A RESIDENTIAL OR MIXED USE PROPERTY WHICH IS:
   (A) LOCATED IN THE STATE;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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