Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 25, 2023 | referred to ways and means |
Current 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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A2295 (ACTIVE) - Details
A2295 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2295 2023-2024 Regular Sessions I N A S S E M B L Y January 25, 2023 ___________ 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 (ooo) to read as follows: (OOO) DISABLED PERSON RETROFIT TAX CREDIT. (1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FOUR, A TAXPAY- ER WHO HAS A DISABILITY 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 THIRTY PERCENT OF THE COST OF THE EXPENDITURES MADE BY THE TAXPAYER WITH RESPECT TO THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A DWELLING OCCUPIED BY THE TAXPAYER AS HIS OR HER DOMICILE 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 IMPROVE- MENTS AT A PARTICULAR DWELLING BY ANY TAXPAYER SHALL NOT EXCEED FIVE THOUSAND DOLLARS IN THE AGGREGATE FOR IMPROVEMENTS MADE TO THAT DWELL- ING. 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. LBD00477-01-3