Senate Bill S5276

2023-2024 Legislative Session

Creates a disabled person retrofit tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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-S5276 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S5058
2013-2014: S1573
2015-2016: S1388
2017-2018: S2829
2019-2020: S4125
2021-2022: S4663

2023-S5276 (ACTIVE) - Summary

Creates a disabled person retrofit tax credit; provides a tax credit that is equal to thirty percent of the cost of expenditures, up to $5,000 for making qualified improvements.

2023-S5276 (ACTIVE) - Sponsor Memo

2023-S5276 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5276
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 1, 2023
                                ___________
 
 Introduced  by  Sen.  PARKER -- 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 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 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 PRIMARY RESIDENCE AND
 MAY BE ALLOWED IN THE TAXABLE YEAR IN WHICH THE EXPENDITURE IS INCURRED;
 PROVIDED THAT THE LIFETIME CREDIT ALLOWABLE WITH REGARD TO  EXPENDITURES
 FOR  THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A PARTICULAR DWELLING
 BY ANY TAXPAYER SHALL NOT EXCEED FIVE THOUSAND DOLLARS IN THE  AGGREGATE
 FOR  IMPROVEMENTS  MADE  TO  THAT DWELLING. 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  PRIMARY  RESIDENCE  AND  AT  WHICH  THE
 TAXPAYER INSTALLS QUALIFIED IMPROVEMENTS.
   (2)  AS  USED  IN  THIS  SUBSECTION "QUALIFIED IMPROVEMENTS" MEANS THE
 INSTALLATION OF:
   (A) A NO-STEP ENTRANCE OR ENTRANCES ALLOWING  ACCESS  INTO  THE  RESI-
 DENCE;
   (B)  INTERIOR  PASSAGE DOORS PROVIDING AT LEAST A THIRTY-TWO INCH WIDE
 OPENING;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00477-02-3
 S. 5276                             2
              

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