S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10061
 
                           I N  A S S E M B L Y
 
                                May 2, 2024
                                ___________
 
 Introduced by M. of A. EACHUS -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  amend  the  tax  law, in relation to allowing an individual
   taxpayer to claim a credit against their income tax for excess premium
   paid during the applicable tax  year  for  flood  insurance  providing
   coverage on the taxpayer's primary residence

   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 (qqq) to read as follows:
   (QQQ)  FLOOD INSURANCE TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER
 SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN  PARAGRAPH  TWO
 OF  THIS  SUBSECTION, AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR EXCESS
 PREMIUM PAID DURING THE APPLICABLE TAX YEAR FOR FLOOD INSURANCE  PROVID-
 ING COVERAGE ON THE TAXPAYER'S PRIMARY RESIDENCE.
   (2)  AMOUNT OF CREDIT. THE CREDIT ALLOWED PURSUANT TO PARAGRAPH ONE OF
 THIS SUBSECTION SHALL BE IN AN AMOUNT EQUAL TO THE EXCESS  PREMIUM  PAID
 BY  THE  TAXPAYER,  THE  AMOUNT  BY  WHICH THE PREMIUM PAID EXCEEDS FIVE
 PERCENT OF THE TAXPAYER'S ADJUSTED GROSS INCOME.   SUCH CREDIT  FOR  ANY
 TAXABLE YEAR MAY NOT EXCEED ONE THOUSAND TWO HUNDRED FIFTY DOLLARS.
   (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
 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 OR ANY UNUSED CREDIT MAY BE CARRIED FORWARD FOR
 FIVE SUCCEEDING TAXABLE YEARS.
   (4) CREDIT LIMITATION. THE AGGREGATE AMOUNT  OF  TAX  CREDITS  ALLOWED
 PURSUANT TO THIS SUBSECTION SHALL NOT EXCEED FIVE MILLION DOLLARS IN ANY
 TAXABLE YEAR.
   § 2. This act shall take effect immediately and shall apply to taxable
 years  beginning  on  and after January 1, 2025.  Effective immediately,
 the addition, amendment and/or repeal of any rule or  regulation  neces-
 sary  for  the  implementation  of  this  act  on its effective date are
 authorized to be made and completed on or before such effective date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD07784-04-4