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History
- Print number 6060a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes an income tax credit for certain victims of Hurricane Irene and Tropical Storm Lee
In Assembly Committee · Ways And Means · Sponsor George Amedore
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6060A
Title of bill
An act to amend the tax law, in relation to establishing a tax credit for victims of Hurricane Irene and Tropical Storm Lee
Purpose
The purpose of this legislation is to provide income tax credits for victims of Hurricane Irene and Tropical Storm Lee. The credit would be equal to the amount of real property taxes paid or incurred on any property which received substantial damage as a result of the storms.
Summary of provisions
The legislation adds a new subsection uu to section 606 of the tax law to provide a qualified taxpayer an income tax credit equal to the total real property taxes paid or incurred in taxable year 2011, and January 2012's municipal taxes, with respect to any property that received substantial damage due to Hurricane Irene and Tropical Storms Lee. The credit is only available to those whose primary residences were affected and is based on the amount of property taxes paid.
"Substantial damage" is defined as damage wherein the cost of restoring the structure to its previous condition would equal or exceed fifty percent of the market value of the structure before the damage occurred. The legislation also provides that the income tax credit is fully refundable.
Justification
Hurricane Irene and Tropical Storm Lee caused significant damage to properties across a large swath of New York State, particularly upstate, leading to the loss of homes, properties, public infrastructure, businesses and income. Individuals and families are struggling to recover after having lost everything they own. This grief is compounded by the tax bills based on the assessments finalized on July 1 - prior to the floods - taxes paid on homes that may no longer even exist. This legislation will help to ease the tax burden on these struggling families by providing an income tax credit that is equal to the amount of taxes incurred on any property which received substantial damage as a result of the storms.
Legislative history
New bill.
Fiscal implications
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.