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Sponsors
Senator · Senate District 59
No co-sponsors yet.
History
- 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 flood victims in the town of West Seneca, county of Erie
In Assembly Committee · Ways And Means · Sponsor Mickey Kearns
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6569
Title of bill
An act to amend the tax law, in relation to establishing an income tax credit for flood victims in the town of West Seneca in the amount of property taxes paid on property which sustained substantial damage as a result of flooding in the period from January 6, 2014 to and including January 13, 2014
Purpose
The purpose of this legislation is to provide income tax credits for victims of recent flooding in the town of West Seneca. 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
This bill adds a new subsection (y) to section 606 of the tax law to provide a qualified taxpayer an income tax credit equal to the amount of school 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 in the period from January 6, 2014 to and includ- ing January 13, 2014. The credit is only available to those whose busi- nesses or residences were affected within the town of West Seneca and is based on the amount of property taxes paid.
"Substantial damage" is defined as damage of any origin sustained by a structure whereby the cost of restoring the structure to its before damaged condition would equal or exceed fifty percent of the market value of the structure before the damage occurred.
This legislation also provides that any amount of credit that exceeds the taxpayer's tax for such year shall be treated as an overpayment of tax to be credited or refunded.
Justification
Severe weather and flooding between the dates of January 6 and January 13, 2014, resulted in significant damage to properties in the town of West Seneca. This legislation provides relief in the form of an income tax credit that is equal to the amount of taxes incurred on any property which was substantially damaged by these incidents of severe weather.
Legislative history
New bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.