assembly Bill A5874

2021-2022 Legislative Session

Creates a disabled person retrofit tax credit

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to ways and means
Mar 01, 2021 referred to ways and means

A5874 (ACTIVE) - Details

Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A6243
2017-2018: A5333
2019-2020: A7226
2023-2024: A2295

A5874 (ACTIVE) - Summary

Creates a disabled person retrofit tax credit.

A5874 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5874
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 1, 2021
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Ways and Means
 
 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 (kkk) to read as follows:
   (KKK) DISABLED PERSON RETROFIT  TAX  CREDIT.  (1)  FOR  TAXABLE  YEARS
 BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-TWO, A TAXPAYER
 WHO  HAS A DISABILITY SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS HERE-
 INAFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE. THE AMOUNT OF
 THE CREDIT SHALL BE EQUAL TO THIRTY PERCENT OF THE COST OF THE  EXPENDI-
 TURES MADE BY THE TAXPAYER WITH RESPECT TO THE INSTALLATION OF QUALIFIED
 IMPROVEMENTS  AT A DWELLING OCCUPIED BY THE TAXPAYER AS HIS OR HER DOMI-
 CILE AND MAY BE ALLOWED IN THE FOLLOWING 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 PARTIC-
 ULAR 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 DOMICILE AND AT WHICH  THE  TAXPAYER
 INSTALLS QUALIFIED IMPROVEMENTS.
   (2) AS USED IN THIS SUBSECTION "DISABILITY" MEANS:
   (A)  A  PHYSICAL,  MENTAL OR MEDICAL IMPAIRMENT RESULTING FROM ANATOM-
 ICAL, PHYSIOLOGICAL, GENETIC OR NEUROLOGICAL CONDITIONS  WHICH  PREVENTS
 THE EXERCISE OF A NORMAL BODILY FUNCTION OR IS DEMONSTRABLE BY MEDICALLY
 ACCEPTED CLINICAL OR LABORATORY DIAGNOSTIC TECHNIQUES;
   (B) A RECORD OF SUCH AN IMPAIRMENT; OR
   (C) A CONDITION REGARDED BY OTHERS AS SUCH AN IMPAIRMENT.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.