| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Apr 30, 2024 |
print number 4056b |
| Apr 30, 2024 |
amend and recommit to budget and revenue |
| Mar 18, 2024 |
print number 4056a |
| Mar 18, 2024 |
amend and recommit to budget and revenue |
| Jan 03, 2024 |
referred to budget and revenue |
| Feb 02, 2023 |
referred to budget and revenue |
Senate Bill S4056B
2023-2024 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee
Actions
Bill Amendments
2023-S4056 - Details
2023-S4056 - Summary
Allows 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; authorizes the commissioner of taxation and finance to promulgate any necessary rules and regulations.
2023-S4056 - Sponsor Memo
BILL NUMBER: S4056
SPONSOR: MANNION
TITLE OF BILL:
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 cover-
age on the taxpayer's primary residence
PURPOSE:
The purpose of this bill is to establish a flood insurance tax credit
for the primary residence of New Yorkers.
SUMMARY OF PROVISIONS:
Section 1 of this bill would amend section 606 of the Tax Law to add a
new subsection (ccc) creating the flood insurance tax credit. The amount
of the credit may not exceed $1,250 for any excess premium paid by the
taxpayer that exceeds 5% of the taxpayer's adjusted gross income. If the
2023-S4056 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4056
2023-2024 Regular Sessions
I N S E N A T E
February 2, 2023
___________
Introduced by Sen. MANNION -- 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 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 (ooo) to read as follows:
(OOO) 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.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07784-01-3
S. 4056 2
2023-S4056A - Details
2023-S4056A - Summary
Allows 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; authorizes the commissioner of taxation and finance to promulgate any necessary rules and regulations.
2023-S4056A - Sponsor Memo
BILL NUMBER: S4056A
SPONSOR: MANNION
TITLE OF BILL:
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 cover-
age on the taxpayer's primary residence
PURPOSE:
The purpose of this bill is to establish a flood insurance tax credit
for the primary residence of New Yorkers.
SUMMARY OF PROVISIONS:
Section 1 of this bill would amend section 606 of the Tax Law to add a
new subsection (ccc) creating the flood insurance tax credit. The amount
of the credit may not exceed $1,250 for any excess premium paid by the
taxpayer that exceeds 5% of the taxpayer's adjusted gross income. If the
amount of the credit allowed exceeds the taxpayer's tax for a given year
2023-S4056A - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4056--A
2023-2024 Regular Sessions
I N S E N A T E
February 2, 2023
___________
Introduced by Sen. MANNION -- 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 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 (ppp) to read as follows:
(PPP) 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.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07784-02-4
S. 4056--A 2
2023-S4056B (ACTIVE) - Details
2023-S4056B (ACTIVE) - Summary
Allows 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; authorizes the commissioner of taxation and finance to promulgate any necessary rules and regulations.
2023-S4056B (ACTIVE) - Sponsor Memo
BILL NUMBER: S4056B
SPONSOR: MANNION
TITLE OF BILL:
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 cover-
age on the taxpayer's primary residence
PURPOSE:
The purpose of this bill is to establish a flood insurance tax credit
for the primary residence of New Yorkers.
SUMMARY OF PROVISIONS:
Section 1 of this bill would amend section 606 of the Tax Law to add a
new subsection (qqq) creating the flood insurance tax credit. The amount
of the credit may not exceed $1,250 for any excess premium paid by the
taxpayer that exceeds 5% of the taxpayer's adjusted gross income. If the
amount of the credit allowed exceeds the taxpayer's tax for a given year
2023-S4056B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4056--B
2023-2024 Regular Sessions
I N S E N A T E
February 2, 2023
___________
Introduced by Sen. MANNION -- 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 -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07784-03-4
S. 4056--B 2
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