NY State Senate Bill 2021-S3662A

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 31, 2022	print number 3662b
May 31, 2022	amend and recommit to finance
May 11, 2022	reported and committed to finance
Jan 06, 2022	print number 3662a
Jan 06, 2022	amend and recommit to budget and revenue
Jan 05, 2022	referred to budget and revenue
Jan 30, 2021	referred to budget and revenue

Votes

- May 11, 2022 - Budget And Revenue Committee Vote
  S3662A
  
  7
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Budget And Revenue Committee Vote: May 11, 2022
      
      aye (7)
      
      Gounardes
      
      Kaminsky
      
      Krueger
      
      Liu
      
      Rath III
      
      Salazar
      
      Weik

Bill Amendments

Original

B (Active)

2021-S3662 - Details

See Assembly Version of this Bill:: A8639
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, A4936

2021-S3662 - Summary

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

2021-S3662 - Sponsor Memo

                                
 
BILL NUMBER: S3662

SPONSOR: COMRIE
 
TITLE OF BILL:

An act to amend the tax law, in relation to providing tax credits for
the installation of fire sprinkler systems

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would incentivize the installation of sprinkler system in
residential properties by providing a twenty-five percent tax credit to
residential property owners who install such systems.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends section 606 of the tax law by adding a new subsection
ww that would allow residential property owners who install sprinkler
systems to be eligible for a tax credit of twenty-live percent of the
cost of labor and materials needed to install such system.

Section 2 amends section 210 of the tax law by adding a new subsection
47 that would allow residential property owners who install sprinkler
systems to be eligible for a tax credit of twenty-five percent of the
cost of labor and materials needed to install such system.

Section 3 sets forth an immediate effective date.

 
JUSTIFICATION:

On January 21, 2012, Kerry Rose Fitzsimons, Eva Block, and Kevin Johnson
were tragically killed in an off-campus house fire while attending
Marist College. The fire was so strong and so fast that none of the
three students were able to escape.  What is known for certain was that
there was no sprinkler system installed in the off-campus home. Accord-
ing to the Fire Sprinkler Initiative, the availability of smoke detec-
tors, coupled with a maintained and operative sprinkler system installed
in a residence, decreases the risk of dying in a fire by over 80%.
Currently, however, sprinkler systems are only required in newly
constructed apartment buildings outside of the "Big 5" cities. Existing
apartment buildings-and any other type of residential dwelling-do not
currently require sprinkler systems.

It is therefore troubling that many residences in neighborhoods
surrounding colleges and universities which are rented to students
attending those institutions often do not have sprinkler systems
installed. The intent of this legislation is to appeal to those property
owbers by offering a financial incentive to add a sprinkler system.
Providing a tax incenttve will he beneficial not only to the owner- of
the property, bu also to the tenants of the property if the sprinkler
system is installed.

 
PRIOR LEGISLATIVE HISTORY:

A3885 of 2017-18: Referred to Ways and Means.

S3519 of 2017-18: Referred to Investigations and Government Operations.

 
FISCAL IMPLICATIONS:
None.

 
EFFECTIVE DATE:
This act shall take effect immediately.

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.

                                                            LBD08432-01-1

 S. 3662                             2
 
 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-
 TIES  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  SUBDIVISION  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 CHAPTER, PROVIDED, HOWEVER, THAT NO INTEREST
 SHALL BE PAID THEREON.
   § 3. This act shall take effect immediately.

co-Sponsors

View additional co-sponsors

2021-S3662A - Details

See Assembly Version of this Bill:: A8639
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, A4936

2021-S3662A - Summary

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

2021-S3662A - Sponsor Memo

                                 
BILL NUMBER: S3662A

SPONSOR: COMRIE
 
TITLE OF BILL:

An act to amend the tax law, in relation to providing tax credits for
the installation of fire sprinkler systems

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would incentivize the installation of sprinkler system in
residential properties by providing a twenty-five percent tax credit to
residential property owners who install such systems.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends the tax law to allow residential property owners who
install sprinkler systems to be eligible for a tax credit of twenty-live
percent of the cost of labor and materials needed to install such
system.

Section 2 amends section 210 of the tax law by adding a new subsection

that would allow residential property owners who install sprinkler
systems to be eligible for a tax credit of twenty-five percent of the
cost of labor and materials needed to install such system.

Section 3 sets forth an immediate effective date.

 
JUSTIFICATION:

On January 21, 2012, Kerry Rose Fitzsimons, Eva Block, and Kevin Johnson
were tragically killed in an off-campus house fire while attending
Marist College. The fire was so strong and so fast that none of the
three students were able to escape. What is known for certain was that
there was no sprinkler system installed in the off-campus home. Accord-
ing to the Fire Sprinkler Initiative, the availability of smoke detec-
tors, coupled with a maintained and operative sprinkler system installed
in a residence, decreases the risk of dying in a fire by over 80%.
Currently, however, sprinkler systems are only required in newly
constructed apartment buildings outside of the "Big 5" cities.  Existing
apartment buildings-and any other type of residential dwelling-do not
currently require sprinkler systems.

It is therefore troubling that many residences in neighborhoods
surrounding colleges and universities which are rented to students
attending those institutions often do not have sprinkler systems
installed. The intent of this legislation is to appeal to those property
owners by offering a financial incentive to add a sprinkler system.
Providing a tax incenttve will he beneficial not only to the owner of
the property, but also to the tenants of the property if the sprinkler
system is installed.

 
PRIOR LEGISLATIVE HISTORY:

A3885 of 2017-18: Referred to Ways and Means.

S3519 of 2017-18: Referred to Investigations and Government Operations.

 
FISCAL IMPLICATIONS:
None.

 
EFFECTIVE DATE:
This act shall take effect immediately.

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

 S. 3662--A                          2
 
 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-
 TIES  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  SUBDIVISION  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 CHAPTER, PROVIDED, HOWEVER, THAT NO INTEREST
 SHALL BE PAID THEREON.
   § 3. This act shall take effect immediately.

co-Sponsors

View additional co-sponsors

2021-S3662B (ACTIVE) - Details

See Assembly Version of this Bill:: A8639
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, A4936

2021-S3662B (ACTIVE) - Summary

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

2021-S3662B (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S3662B

SPONSOR: COMRIE
 
TITLE OF BILL:

An act to amend the tax law, in relation to providing tax credits for
the installation of fire sprinkler systems

 
PURPOSE OR GENERAL IDEA OF BILL::

This bill would incentivize the installation of sprinkler system in
residential properties by providing a twenty-five percent tax credit to
residential property owners who install such systems.

 
SUMMARY OF SPECIFIC PROVISIONS::

Section 1 amends the tax law to allow residential property owners who
install sprinkler systems to be eligible for a tax credit of twenty-live
percent of the cost of labor and materials needed to install such
system.

Section 2 amends section it of the tax law by adding a new subsection

that would allow residential property owners who install sprinkler
systems to be eligible for a tax credit of twenty-five percent of the
cost of labor and materials needed to install such system.

Section 3 sets forth an immediate effective date.

 
JUSTIFICATION::

On January 21, 2012, Kerry Rose Fitzsimons, Eva Block, and Kevin Johnson
were tragically killed in an off-campus house fire while attending
Marist College. The fire was so strong and so fast that none of the
three students were able to escape. What is known for certain was that
there was no sprinkler system installed in the off-campus home. Accord-
ing to the Fire Sprinkler Initiative, the availability of smoke detec-
tors, coupled with a maintained and operative sprinkler system installed
in a residence, decreases the risk of dying in a fire by over 80%.
Currently, however, sprinkler systems are only required in newly
constructed apartment buildings outside of the "Big 5" cities. Existing
apartment buildings-and any other type of residential dwelling-do not
currently require sprinkler systems.

It is therefore troubling that many residences in neighborhoods
surrounding colleges and universities which are rented to students
attending those institutions often do not have sprinkler systems
installed. The intent of this legislation is to appeal to those property
owners by offering a financial incentive to add a sprinkler system.
Providing a tax incentive will he beneficial not only to the owner the
property, but also to the tenants of the property if the sprinkler
system is installed.

 
PRIOR LEGISLATIVE HISTORY::

A3885 of 2017-18: Referred to Ways and Means.

S3519 of 2017-18: Referred to Investigations and Government Operations.

 
FISCAL IMPLICATIONS::
None.

 
EFFECTIVE DATE::

This act shall take effect immediately

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

 S. 3662--B                          2
 
 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 59 to read as follows:
   59. 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-
 TIES  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 SUBDIVISION SHALL NOT EXCEED  FIVE  THOUSAND
 DOLLARS IN ANY GIVEN YEAR.
   (3)  APPLICATION OF CREDIT.  THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 FOR  ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS
 THAN THE FIXED DOLLAR MINIMUM AMOUNT  PRESCRIBED  IN   PARAGRAPH (D)  OF
 SUBDIVISION  ONE OF SECTION TWO HUNDRED TEN OF THIS CHAPTER. HOWEVER, IF
 THE  AMOUNT  OF  CREDITS ALLOWED UNDER THIS  SUBDIVISION FOR ANY TAXABLE
 YEAR REDUCES THE TAX TO SUCH AMOUNT OR IF THE  TAXPAYER  OTHERWISE  PAYS
 TAX  BASED ON THE FIXED DOLLAR MINIMUM AMOUNT, ANY AMOUNT OF CREDIT THUS
 NOT DEDUCTIBLE IN SUCH TAXABLE YEAR SHALL BE TREATED AS  AN  OVERPAYMENT
 OF  TAX  TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF
 SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED, HOWEVER,  THE
 PROVISIONS  OF  SUBSECTION  (C) OF SECTION  ONE THOUSAND EIGHTY-EIGHT OF
 THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREON.
   § 3. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2022.

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Senate Bill S3662A

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

May 11, 2022 - Budget And Revenue Committee Vote

Budget And Revenue Committee Vote: May 11, 2022

Bill Amendments

2021-S3662 - Details

2021-S3662 - Summary

2021-S3662 - Sponsor Memo

2021-S3662 - Bill Text download pdf

co-Sponsors

2021-S3662A - Details

2021-S3662A - Summary

2021-S3662A - Sponsor Memo

2021-S3662A - Bill Text download pdf

co-Sponsors

2021-S3662B (ACTIVE) - Details

2021-S3662B (ACTIVE) - Summary

2021-S3662B (ACTIVE) - Sponsor Memo

2021-S3662B (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S3662A

Share this bill

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

Bill Amendments

2021-S3662 - Details

2021-S3662 - Summary

2021-S3662 - Sponsor Memo

2021-S3662 - Bill Text download pdf

co-Sponsors

2021-S3662A - Details

2021-S3662A - Summary

2021-S3662A - Sponsor Memo

2021-S3662A - Bill Text download pdf

co-Sponsors

2021-S3662B (ACTIVE) - Details

2021-S3662B (ACTIVE) - Summary

2021-S3662B (ACTIVE) - Sponsor Memo

2021-S3662B (ACTIVE) - Bill Text download pdf

Comments