Senate Bill S3662B

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 Senate Committee Finance 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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Bill Amendments

2021-S3662 - Details

Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S5260
2015-2016: S2587
2017-2018: S3519
2019-2020: S5488
2023-2024: S1843

2021-S3662 - Summary

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

2021-S3662 - Sponsor Memo

2021-S3662 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3662
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 2021
                                ___________
 
 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 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2021-S3662A - Details

Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S5260
2015-2016: S2587
2017-2018: S3519
2019-2020: S5488
2023-2024: S1843

2021-S3662A - Summary

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

2021-S3662A - Sponsor Memo

2021-S3662A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3662--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 2021
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee  on  Budget  and  Revenue  --
   recommitted  to the Committee on Budget and Revenue in accordance with
   Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
   reprinted as amended and recommitted to said committee

 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08432-02-1
              

co-Sponsors

2021-S3662B (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S5260
2015-2016: S2587
2017-2018: S3519
2019-2020: S5488
2023-2024: S1843

2021-S3662B (ACTIVE) - Summary

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

2021-S3662B (ACTIVE) - Sponsor Memo

2021-S3662B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3662--B
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 2021
                                ___________
 
 Introduced  by  Sens. COMRIE, ADDABBO, BAILEY, BIAGGI, BROOKS, GAUGHRAN,
   HOYLMAN, MYRIE, PERSAUD, SEPULVEDA -- read twice and ordered  printed,
   and when printed to be committed to the Committee on Budget and Reven-
   ue -- recommitted to the Committee on Budget and Revenue in accordance
   with  Senate  Rule  6,  sec.  8 -- committee discharged, bill amended,
   ordered reprinted as amended and  recommitted  to  said  committee  --
   reported  favorably from said committee and committed to the Committee
   on Finance -- committee discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee
 
 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 (ooo) to read as follows:
   (OOO) 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) CREDIT LIMITATION. THE AMOUNT OF THE CREDIT THAT MAY BE CLAIMED BY
 A  TAXPAYER  PURSUANT  TO THIS SUBSECTION SHALL NOT EXCEED FIVE THOUSAND
 DOLLARS IN ANY GIVEN YEAR.
   (3) 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08432-04-2
              

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