S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5930
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 25, 2025
                                ___________
 
 Introduced  by  M.  of  A.  FITZPATRICK -- read once and referred to the
   Committee on Insurance
 
 AN ACT to amend the insurance law and the tax law, in relation to quali-
   fication for and establishment of a building construction,  demolition
   and repair work insurance credit

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The insurance law is amended by adding a new  section  3463
 to read as follows:
   §  3463. QUALIFICATION OF BUILDING CONSTRUCTION, DEMOLITION AND REPAIR
 WORK INSURANCE FOR TAX CREDIT.
   (A) THE SUPERINTENDENT OF FINANCIAL SERVICES IS HEREBY  AUTHORIZED  TO
 PROMULGATE  REGULATIONS  RELATING  TO  THE  CERTIFICATION OF POLICIES OF
 INSURANCE WHICH QUALIFY FOR CERTAIN  WORK  UNDER  SECTIONS  TWO  HUNDRED
 FORTY  AND  TWO  HUNDRED  FORTY-ONE OF THE LABOR LAW, PROVIDED FOR UNDER
 SECTION TWENTY-THREE-A OF THE TAX LAW. SUCH TAX CREDIT SHALL ONLY  APPLY
 AGAINST  A PORTION OF THE PREMIUM PAID FOR COVERAGE UNDER SUBSECTION (B)
 OF THIS SECTION AS DETERMINED BY THE SUPERINTENDENT.
   (B) IN ORDER TO QUALIFY FOR THE BUILDING CONSTRUCTION, DEMOLITION  AND
 REPAIR WORK CREDIT PROVIDED UNDER SECTION TWENTY-THREE-A OF THE TAX LAW,
 INSURANCE  SHALL  BE  PERSONAL  INJURY  LIABILITY  INSURANCE OR PROPERTY
 DAMAGE LIABILITY INSURANCE, AS SUCH TERMS ARE  DEFINED  BY  SECTION  ONE
 THOUSAND  ONE HUNDRED THIRTEEN OF THIS CHAPTER, AND SHALL CONTAIN COVER-
 AGE FOR CLAIMS INCLUDING THIRD PARTY CLAIMS FOR CONSTRUCTION SITE BODILY
 INJURY  AND  PROPERTY  DAMAGE  RESULTING   FROM   THE   APPLICATION   OF
 CONSTRUCTION  WORKERS  INJURED  FROM  AN ELEVATION RISK WHILE PERFORMING
 WORK COVERED UNDER SECTION TWO HUNDRED FORTY OR TWO HUNDRED FORTY-ONE OF
 THE LABOR LAW, OR SUBSTANTIALLY SIMILAR COVERAGE.
   (C) THE TAX CREDIT FOR BUILDING CONSTRUCTION,  DEMOLITION  AND  REPAIR
 WORK  INSURANCE  UNDER  SECTION  TWENTY-THREE-A  OF THE TAX LAW SHALL BE
 LIMITED TO ANY CONTRACTOR PERFORMING WORK INVOLVING THE ERECTION,  DEMO-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09010-01-5
              

 A. 5930                             2
 
 LITION,  REPAIRING, ALTERING, PAINTING, CLEANING OR POINTING OF A BUILD-
 ING OR STRUCTURE PROVIDED  SUCH  CONTRACTOR  OBTAINS  A  CERTIFICATE  OF
 COMPLETION  FROM A TRAINING PROGRAM ON WORK AND JOB SITE SAFETY TRAINING
 WHICH  SHALL  INCLUDE  PROPER PLANNING, SUPERVISION, TRAINING AND USE OF
 FALL PROTECTION. SUCH TRAINING PROGRAM SHALL BE APPROVED BY THE  COMMIS-
 SIONER.    A  LIST  OF APPROVED PROGRAMS SHALL BE MADE AVAILABLE TO SUCH
 CONTRACTORS.  THE COMMISSIONER SHALL PROMULGATE  RULES  AND  REGULATIONS
 SETTING FORTH THE CRITERIA FOR APPROVAL OF SUCH PROGRAMS, THE PROCEDURES
 TO  BE  FOLLOWED  IN  APPLYING  FOR SUCH APPROVAL AND ANY OTHER RULES OR
 REGULATIONS AS SHALL BE NECESSARY AND PROPER TO EFFECTUATE THE  PURPOSES
 OF  THIS  SECTION.  THE  CERTIFICATE  OF COMPLETION SHALL BE VALID FOR A
 PERIOD OF TWO YEARS.
   § 2. The tax law is amended by adding a new section 23-a  to  read  as
 follows:
   §  23-A.  BUILDING  CONSTRUCTION, DEMOLITION AND REPAIR WORK INSURANCE
 CREDIT.
   (A) ALLOWANCE OF CREDIT; GENERAL. A  TAXPAYER  SUBJECT  TO  TAX  UNDER
 ARTICLE  NINE,  NINE-A  OR TWENTY-TWO OF THIS CHAPTER SHALL BE ALLOWED A
 CREDIT AGAINST SUCH TAX, PURSUANT TO THE PROVISIONS REFERENCED IN SUBDI-
 VISION (B) OF THIS SECTION. THE AMOUNT OF SUCH CREDIT SHALL BE EQUAL  TO
 THE  LESSER OF TEN THOUSAND DOLLARS OR TWENTY-FIVE PERCENT OF THE PREMI-
 UMS PAID FOR COVERAGE AS DETERMINED BY THE SUPERINTENDENT  OF  FINANCIAL
 SERVICES  PURSUANT  TO  SECTION  THIRTY-FOUR  HUNDRED SIXTY-THREE OF THE
 INSURANCE LAW.
   (B) CROSS REFERENCES. FOR APPLICATION OF THE CREDIT  PROVIDED  FOR  IN
 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9: SECTION 187-S;
   (2) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 61; AND
   (3) ARTICLE 22: SECTION 606, SUBDIVISION (QQQ).
   §  3.  The tax law is amended by adding a new section 187-s to read as
 follows:
   § 187-S. BUILDING CONSTRUCTION, DEMOLITION AND REPAIR  WORK  INSURANCE
 CREDIT. 1. ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
 BE  COMPUTED  AS  PROVIDED  IN  SECTION  TWENTY-THREE-A OF THIS CHAPTER,
 AGAINST THE TAXES IMPOSED BY SECTION ONE HUNDRED  EIGHTY-THREE  AND  ONE
 HUNDRED  EIGHTY-FOUR OF THIS ARTICLE. PROVIDED, HOWEVER, THAT THE AMOUNT
 OF SUCH CREDIT ALLOWABLE AGAINST THE TAX IMPOSED BY SECTION ONE  HUNDRED
 EIGHTY-FOUR  SHALL  BE  THE EXCESS OF THE AMOUNT OF SUCH CREDIT OVER THE
 AMOUNT OF ANY CREDIT ALLOWED BY THIS SECTION AGAINST THE TAX IMPOSED  BY
 SECTION ONE HUNDRED EIGHTY-THREE OF THIS ARTICLE.
   2.  APPLICATION  OF  THIS  ARTICLE. IN NO EVENT SHALL THE CREDIT UNDER
 THIS SECTION BE ALLOWED IN AN AMOUNT WHICH WILL REDUCE THE  TAX  PAYABLE
 LESS THAN THE APPLICABLE MINIMUM TAX FIXED BY SECTION ONE HUNDRED EIGHT-
 Y-THREE  OF  THIS  ARTICLE.  IF, HOWEVER, THE AMOUNT OF CREDIT ALLOWABLE
 UNDER THIS SECTION FOR ANY TAXABLE YEAR REDUCES THE TAX TO SUCH  AMOUNT,
 ANY AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR SHALL BE TREAT-
 ED  AS  AN  OVERPAYMENT  OF  TAX  TO  BE REFUNDED IN ACCORDANCE WITH THE
 PROVISIONS OF SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. PROVIDED,
 HOWEVER, NOTWITHSTANDING THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE
 THOUSAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL BE PAID  THERE-
 ON.
   §  4. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 61 to read as follows:
   61. BUILDING CONSTRUCTION, DEMOLITION AND REPAIR WORK INSURANCE  CRED-
 IT.    (A) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
 A. 5930                             3
 
 BE COMPUTED AS PROVIDED  IN  SECTION  TWENTY-THREE-A  OF  THIS  CHAPTER,
 AGAINST THE TAX IMPOSED BY THIS ARTICLE.
   (B)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO  LESS
 THAN  THE  FIXED  DOLLAR  MINIMUM  AMOUNT PRESCRIBED IN PARAGRAPH (D) OF
 SUBDIVISION ONE OF SECTION TWO HUNDRED TEN OF THIS ARTICLE. HOWEVER,  IF
 THE AMOUNT OF CREDITS ALLOWED UNDER THIS SUBDIVISION OF ANY TAXABLE YEAR
 REDUCES  THE  TAX  TO  SUCH AMOUNT OR IF THE TAXPAYER OTHERWISE PAYS TAX
 BASED ON THE FIXED DOLLAR MINIMUM AMOUNT, ANY AMOUNT OF CREDIT THUS  NOT
 DEDUCTIBLE  IN  SUCH  TAXABLE YEAR SHALL BE TREATED AS AN OVERPAYMENT OF
 TAX TO BE CREDITED OR REFUNDED IN  ACCORDANCE  WITH  THE  PROVISIONS  OF
 SECTION  ONE  THOUSAND  EIGHTY-SIX  OF  THIS CHAPTER. PROVIDED, HOWEVER,
 NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION (C) OF SECTION  ONE  THOU-
 SAND EIGHTY-EIGHT OF THIS CHAPTER, NO INTEREST SHALL BE PAID THEREON.
   §  5. Section 606 of the tax law is amended by adding a new subsection
 (qqq) to read as follows:
   (QQQ) BUILDING CONSTRUCTION,  DEMOLITION  AND  REPAIR  WORK  INSURANCE
 CREDIT.   (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT,
 TO BE COMPUTED AS PROVIDED IN SECTION TWENTY-THREE-A  OF  THIS  CHAPTER,
 AGAINST THE TAX IMPOSED BY THIS ARTICLE.
   (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.
   § 6. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.