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.
S T A T E O F N E W Y O R K
________________________________________________________________________
3373
2025-2026 Regular Sessions
I N A S S E M B L Y
January 27, 2025
___________
Introduced by M. of A. EACHUS -- read once and referred to the Committee
on Ways and Means
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
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.
LBD06617-01-5
A. 3373 2
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