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Companion bill
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Protects homeowners by insurance companies against property damage from oil spills and provides tax credits for those who replace underground tanks with above ground
In Assembly Committee · Ways And Means · Sponsor Addie Jenne
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6173
Title of bill
An act to amend the tax law, in relation to modifica- tions increasing federalized itemized deductions for removing under- ground home heating oil storage tanks; and to amend the navigation law, in relation to claims against insurers for oil spills from underground heating oil tanks and to amend the tax law, in relation to establishing a residential fund oil storage tank credit and providing for the repeal of certain provisions upon expiration thereof
Purpose
To require homeowners' insurance policies in New York State to cover damage and cost of clean-up for leakage from the insured's underground heating oil tank; and to create a "residential fuel oil storage tank credit", to allow for a tax credit, up to $500, for the removal cost of an existing unprotected, buried tank and replacement with a modern one, meeting certain standards.
Summary of provisions
Section 1 amends subsection (d) of section 615 of the tax law by adding a new paragraph 5, that allows for the deduction of up to $1000 from income taxes for the owner of a 1, 2, or 3 family home upon the replace- ment of a buried tank with a new tank, meeting certain standards, or an alternate heating source.
Section 2 amends Section 190 of the navigation law, adding sections (b), (c), (d) and (e); to require homeowners' insurance coverage for oil spills or leakage from underground heating oil tanks and describes provisions and requirements therefore.
Section 3 reletters subsections (yy) and (zz) of section 606 to (yyy) and (zzz) of the tax law and adds (xx) to create a residential fuel tax credit , allowing for a credit of up to $500 for removal and replacement of an unprotected underground fuel oil tank.
Section 4 states the effective date as the first day of January after it has become law.
Justification
Leaking underground home heating fuel tanks are both a health and envi- ronmental threat, but also are very expensive to replace. Due to the legal classification of these tanks under the navigation law, damaged caused by leakage is largely exempted for coverage in homeowners' insur- ance policies. This bill remedies the lack of insurance coverage, and provides financial assistance and incentives to homeowners to replace these tanks.
Legislative history
2014: (pre-filed) New bill.
Fiscal implications
None anticipated in the current fiscal year.
Effective date
This act shall take effect the first day of January following it becom- ing law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.