Establishes a tax credit for homeowners and businesses to build permeable surfaces

BILL NUMBER:S1787A

Title of bill

An act to amend the tax law, in relation to credits against tax for homeowners and businesses to build permeable surfaces

Purpose

The bill would provide homeowners and businesses a tax credit for constructing a permeable surface, such as a driveway or parking lot to help mitigate flooding.

Summary of provisions

The bill creates a tax credit for homeowners and businesses who construct a permeable surface, during the taxable year, as part of or near their real property The tax credit can be for up to 50% of the cost of construction but cannot exceed $5,000.

Justification

Many counties across New York State experience extensive and devastating flood damage due to Hurricane Irene and Tropical Storm Lee. Future flood damage can be mitigated by incentivizing homeowners and businesses to construct permeable surfaces such as, paved driveways and parking lots which allow for the movement of water and air around the materials. Permeable surfaces could decrease future damages caused by flooding.

Legislative history

2012 - S.6750 - Referred to Investigations and Governmental Operations

Fiscal implications

To be determined.

Effective date

This act shall take effect immediately and shall apply to taxable years commencing on and after such date.