S T A T E O F N E W Y O R K
________________________________________________________________________
6961
2023-2024 Regular Sessions
I N A S S E M B L Y
May 9, 2023
___________
Introduced by M. of A. TAPIA, DE LOS SANTOS -- read once and referred to
the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing the building
and fire code adherence 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) BUILDING AND FIRE CODE ADHERENCE TAX CREDIT. (1) ALLOWANCE OF
CREDIT. A TAXPAYER WHO IS A RESIDENTIAL OR COMMERCIAL 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 THE COST OF THE LABOR AND MATERIALS NEEDED TO BRING A PROP-
ERTY TO CODE BY THE PROPERTY OWNER TO ADHERE TO THE MOST CURRENT APPLI-
CABLE BUILDING AND FIRE CODES.
(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 59 to read as follows:
59. BUILDING AND FIRE CODE ADHERENCE TAX CREDIT. (1) ALLOWANCE OF
CREDIT. A TAXPAYER WHO IS A RESIDENTIAL OR COMMERCIAL 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 THE COST OF THE LABOR AND MATERIALS NEEDED TO BRING A PROP-
ERTY TO CODE BY THE PROPERTY OWNER TO ADHERE TO THE MOST CURRENT APPLI-
CABLE BUILDING AND FIRE CODES.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09851-01-3
A. 6961 2
(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. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a new clause (l) to read as follows:
(L) BUILDING AND FIRE CODE AMOUNT OF CREDIT UNDER
ADHERENCE TAX CREDIT UNDER SUBDIVISION FIFTY-NINE OF
SUBSECTION (OOO) SECTION TWO HUNDRED TEN-B
§ 4. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2023.