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Assembly Bill A5534

2021-2022 Legislative Session

Establishes a tax credit for the purchase and installation of a qualified video doorbell system on residential properties

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Archive: Last Bill Status - In Assembly Committee

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2021-A5534 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2019-2020 Legislative Session:
A9713

2021-A5534 (ACTIVE) - Summary

Establishes a tax credit for the purchase and installation of a qualified video doorbell system on residential properties; provides the amount of such credit shall be equal to the amount expended for the purchase of such qualified video doorbell system, and materials and labor costs properly allocable to on-site preparation, assembly and original installation.

2021-A5534 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5534
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 19, 2021
                                ___________
 
 Introduced by M. of A. WILLIAMS -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN  ACT  to  amend the tax law, in relation to establishing a tax credit
   for the purchase and installation of a qualified video doorbell system
   on residential properties
 
   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) CREDIT FOR PURCHASE AND INSTALLATION OF A VIDEO DOORBELL  SYSTEM
 ON RESIDENTIAL PROPERTIES. (1) ALLOWANCE OF CREDIT. A PROPERTY OWNER WHO
 IS  SUBJECT TO TAX UNDER THIS ARTICLE SHALL BE ALLOWED A ONE-TIME CREDIT
 AGAINST SUCH TAX FOR THE PURCHASE AND INSTALLATION OF A QUALIFIED  VIDEO
 DOORBELL  SYSTEM  ON  A  RESIDENTIAL PROPERTY. THE AMOUNT OF SUCH CREDIT
 SHALL BE EQUAL TO THE AMOUNT EXPENDED FOR THE PURCHASE OF SUCH QUALIFIED
 VIDEO DOORBELL SYSTEM, AND MATERIALS AND LABOR COSTS PROPERLY  ALLOCABLE
 TO ON-SITE PREPARATION, ASSEMBLY AND ORIGINAL INSTALLATION.
   (2) DEFINITIONS. THE TERM "QUALIFIED VIDEO DOORBELL SYSTEM" SHALL MEAN
 A DOORBELL CONNECTED TO A CAMERA THAT ALLOWS AN INDIVIDUAL TO SEE WHO IS
 AT THE DOOR.
   (3)  WHEN  CREDIT  ALLOWED.  THE  CREDIT  PROVIDED FOR HEREIN SHALL BE
 ALLOWED WITH RESPECT TO THE TAXABLE YEAR COMMENCING IN WHICH  THE  VIDEO
 DOORBELL SYSTEM IS INSTALLED.
   (4)  CARRYOVER OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS
 SUBSECTION SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY
 BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED  FROM
 THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2022.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08399-01-1

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