S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4651--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 13, 2023
                                ___________
 
 Introduced  by  Sen. KENNEDY -- 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 establishing a sump pump
   installation and replacement 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 (ppp) to read as follows:
   (PPP) SUMP PUMP INSTALLATION AND REPLACEMENT CREDIT. (1)  GENERAL.  AN
 INDIVIDUAL  TAXPAYER  SHALL BE ALLOWED A CREDIT FOR TAXABLE YEARS BEGIN-
 NING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FIVE AGAINST THE TAX
 IMPOSED BY THIS ARTICLE FOR THE COSTS FOR REPLACEMENT, REPAIR OR INSTAL-
 LATION OF A SUMP PUMP, WHEN SUCH REPAIR, REPLACEMENT, OR INSTALLATION IS
 RECOMMENDED BY A CERTIFIED PLUMBER OR MUNICIPALITY. THE  AMOUNT  OF  THE
 CREDIT  SHALL BE FIFTY PERCENT OF THE TOTAL COST OF REPLACEMENT, REPAIR,
 OR INSTALLATION.
   (2) SUMP PUMP REPLACEMENT, REPAIR AND INSTALLATION COSTS. (A) THE TERM
 "COSTS OF REPLACEMENT, REPAIR OR INSTALLATION" INCLUDES THE COST  OF  AN
 ASSESSMENT  FROM  A  PLUMBER,  ANY  INITIAL APPRAISALS, LABOR COSTS, ANY
 DISPOSAL FEES, AND ANY CLEANUP FEES; EXCEPT ANY STATE OR LOCAL SALES TAX
 APPLICABLE TO THE SERVICES PERFORMED. (B) THE  TERM  "COSTS  OF  REPAIR"
 INCLUDES  THE  COST  OF  AN  ASSESSMENT  FROM  A  PLUMBER,  ANY  INITIAL
 APPRAISALS, LABOR COSTS, ANY DISPOSAL FEES, AND FOLLOW-UP  FEES;  EXCEPT
 ANY STATE OR LOCAL SALES TAX APPLICABLE TO THE SERVICES.
   (3)  AMOUNT  OF  CREDIT.  THE  AGGREGATE AMOUNT OF TAX CREDITS ALLOWED
 UNDER THIS SUBSECTION IN ANY  CALENDAR  YEAR  STATEWIDE  SHALL  BE  FIVE
 MILLION DOLLARS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07409-02-4
 S. 4651--A                          2
              

 
   (4)  INSTALLATION AND REPAIR FOR QUALIFIED TAXPAYERS. A PROPERTY OWNER
 WHO INCURS COSTS FOR REPAIR OR REPLACEMENT OF A SUMP PUMP MUST BE  DOING
 SO ON A RESIDENTIAL OR MIXED USE PROPERTY WHICH IS:
   (A) LOCATED IN THE STATE;
   (B) OWNED BY THE TAXPAYER;
   (C) USED BY THE TAXPAYER AS HIS OR HER PRINCIPAL RESIDENCE; AND
   (D)  OWNED  BY  A  TAXPAYER  WITH  A HOUSEHOLD INCOME OF LESS THAN TWO
 HUNDRED FIFTY THOUSAND DOLLARS.
   (5) WHEN CREDIT IS ALLOWED. THE CREDIT PROVIDED FOR IN THIS SUBSECTION
 SHALL BE ALLOWED WITH RESPECT TO  THE  TAXABLE  YEAR,  COMMENCING  AFTER
 JANUARY  FIRST,  TWO THOUSAND TWENTY-FIVE IN WHICH THE WORK IS COMPLETED
 AND PAID FOR.
   (6) CARRYOVER CREDIT. IF THE AMOUNT OF THE CREDIT, AND  CARRYOVERS  OF
 SUCH  CREDIT, ALLOWABLE UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL
 EXCEED THE TAXPAYER'S TAX FOR SUCH  YEAR,  SUCH  EXCESS  AMOUNT  MAY  BE
 CARRIED  OVER  TO THE FIVE TAXABLE YEARS NEXT FOLLOWING THE TAXABLE YEAR
 WITH RESPECT TO WHICH THE CREDIT IS ALLOWED AND MAY BE DEDUCTED FROM THE
 TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   § 2. This act shall take effect immediately and shall apply to taxable
 years commencing on or after such effective date.