Assembly Bill A2805

2023-2024 Legislative Session

Enacts the residential structure fire prevention act of 2023

download bill text pdf

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Current 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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2023-A2805 (ACTIVE) - Details

See Senate Version of this Bill:
S1615
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L; amd §2346, Ins L; add §170-g, Exec L
Versions Introduced in Other Legislative Sessions:
2019-2020: A10131, S7294
2021-2022: A6115, S2921

2023-A2805 (ACTIVE) - Summary

Enacts the residential structure fire prevention act; provides a tax credit to homeowners who remove cock loft fire hazards in their homes; provides an insurance discount for the installation of smoke detecting alarm devices in cock lofts; provides that the repair of cock lofts for the purpose of fire prevention and safety shall be qualifying expenditures under state housing programs.

2023-A2805 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2805
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2023
                                ___________
 
 Introduced by M. of A. RAJKUMAR -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, the insurance law and the executive law, in
   relation  to enacting the residential structure fire prevention act of
   2023
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This act shall be known and may be cited as the "residen-
 tial structure fire prevention act of 2023".
   § 2. Section 606 of the tax law is amended by adding a new  subsection
 (ooo) to read as follows:
   (OOO) CREDIT FOR REMOVING CERTAIN FIRE HAZARDS. (1) ANY RESIDENT OWNER
 OF    REAL  PROPERTY  AS  DEFINED IN SECTION ONE HUNDRED TWO OF THE REAL
 PROPERTY TAX LAW SHALL BE ALLOWED A CREDIT  AGAINST  THE  TAX  OTHERWISE
 IMPOSED  UNDER THIS ARTICLE IN AN AMOUNT EQUAL TO TWENTY-FIVE PERCENT OF
 THE COST OF REMOVING FIRE HAZARDS COMMONLY KNOWN AS COCK LOFTS, PROVIDED
 THAT SUCH CREDIT SHALL NOT EXCEED FIVE THOUSAND DOLLARS. FOR PURPOSES OF
 THIS SECTION THE TERM "COCK LOFT" SHALL MEAN A COMPLETELY ENCLOSED SPACE
 BETWEEN RAFTERS AND A SUSPENDED CEILING.
   (2) 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.
   §  3.  Section  2346  of  the insurance law is amended by adding a new
 subsection 6 to read as follows:
   6. THE SUPERINTENDENT SHALL PROVIDE  FOR  AN  ACTUARIALLY  APPROPRIATE
 REDUCTION  IN THE RATES OF FIRE INSURANCE PREMIUMS OR THE FIRE INSURANCE
 COMPONENT OF HOMEOWNERS INSURANCE  PREMIUMS  APPLICABLE  TO  RESIDENTIAL
 REAL PROPERTY EQUIPPED WITH SMOKE DETECTING ALARM DEVICES IN COCK LOFTS.
 THE  SUPERINTENDENT  SHALL  BY  REGULATION ESTABLISH STANDARDS FOR SMOKE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04220-01-3
              

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