Assembly Bill A8639

2021-2022 Legislative Session

Provides a tax credit for the installation of fire sprinkler systems

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2021-A8639 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, Tax L
Versions Introduced in 2023-2024 Legislative Session:
A4936

2021-A8639 (ACTIVE) - Summary

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

2021-A8639 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8639
 
                           I N  A S S E M B L Y
 
                             January 10, 2022
                                ___________
 
 Introduced  by  M. of A. GONZALEZ-ROJAS -- read once and referred to the
   Committee on Ways and Means
 
 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 (nnn) to read as follows:
   (NNN) 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 55 to read as follows:
   55. 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 SUBDIVISION SHALL APPLY ONLY TO  RESIDENTIAL  PROPER-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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