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History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 61–0
- Ordered to third reading cal.3
- Committee discharged and committed to rules
- Referred to investigations and government operations
- Referred to rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5985
Title of bill
An act to amend the tax law, in relation to establishing a tax credit for certain flood victims
Purpose
The purpose of this legislation is to provide income tax credits for victims of recent flooding in various counties throughout upstate New York. The credit would equal 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 xx to section 606 of the tax law to provide a qualified taxpayer an income tax credit equal to his school real property taxes paid in taxable year 2013 and January 2014's municipal taxes, with respect to any property that received substantial damage due to flooding occurring during designated periods. The credit is only available to those whose businesses or 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
Home and business owners in several counties in upstate New York, enumerated in the text of the bill, suffered damage to their properties and dwellings in various rain and flooding events in June-August of 2013. High waters caused the loss of homes, properties, public infrastructure, businesses and income. Individuals and families are struggling to recover after having experienced significant damage. The struggle is compounded by the tax bills based on the assessments finalized on July 1 - prior to the floods - taxes paid on homes or business structures that may be in disrepair. The 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, subject to criteria specified in the legislation.
Legislative history
Similar to S. 6060A of 2012.
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.