Establishes a tax credit for the purchase and installation of a security camera system on residential, commercial and non-profit owned properties

Title of bill

An act to amend the tax law, in relation to establishment of a credit for the purchase and installation of a security camera system on residential-, commercial- and non-profit owned properties

Purpose

This bill will establish a one-time tax credit for purchase and installation of a security system in residential and commercial properties.

Summary of provisions

Section one of this bill amends section 42 of the tax law by adding a new section allowing residential and commercial property owners a onetime five hundred dollar credit against taxes for the purchase and installation of a qualified security camera system on a property. The credit will be allowed in the taxable year in which the system is installed.

Section two of this bill amends section 606 of the tax law allowing a one-time tax credit to homeowners who purchase and install a security camera system on a residential property. If the amount of the credit exceeds the taxpayer's tax for the year, the excess may be carried over to the next five taxable years.

Section three of this bill amends the tax law by adding a new section 187-t, and section four adds a new subsection 51 to section 210-B, allowing a credit for the purchase and installation of a security camera system at a commercial property. If the credit amount reduces the taxable amount to less than the applicable minimum tax, any amount not deducted in the tax year shall be treated as an overpayment to be refunded.

Section five of this bill amends section 606 of the tax law by adding a new clause (xliii) with reference to a tax credit for individual homeowners.

Section six of this bill amends section 1511 of the tax law by adding a new subdivision (d) allowing a one-time franchise tax credit to insurance companies.

Section seven of this bill provides that act shall take effect January 1, 2017; provided, however, if this act shall become a law after such date it shall take effect immediately and shall be deemed to have been in full force and effect on and after January 1, 2017.

Justification

New York State has a responsibility to keep all of its communities safe from crime. Recent attacks against residents have indicated a spike in incidents. This proposal will make the purchase of this equipment more affordable by offering a $500 tax credit on such purchases.

Private security camera systems have proven to be an indispensable and effective tool for law enforcement officials when solving crimes. Video from these systems have assisted police in identifying and prosecuting perpetrators whom otherwise would have escaped justice. Community residents should feel that their home or place of business is safe from those committing robberies or thefts. This bill will offer homeowners and commercial property owners an incentive to install such a system which may offer deterrence to such actions.

Prior legislative history

New Bill

Fiscal implications

To be determined

Effective date

This act shall take effect January 1, 2017; provided, however, if this act shall become a law after such date it shall take effect immediately and shall be deemed to have been in full force and effect on and after January 1, 2017.