What's happening
This bill provides a 25% tax credit for installing fire sprinkler systems in residential properties where they are not already required.
Why it matters
Provides financial relief for property owners. by covering 25% of the costs (labor and materials) of installing fire sprinkler systems, making safety upgrades more affordable for homeowners in places where such systems aren’t already mandated.
Targets fire safety gaps. by incentivizing installations specifically in municipalities that do not require sprinklers, potentially preventing fires and saving lives in higher-risk areas that otherwise might lack these protections.
Offers refundable tax credits. , meaning if the credit exceeds the annual tax owed, the excess is refunded (without interest), ensuring that even lower-income homeowners can benefit from the incentive.
May influence local housing markets and safety standards. by encouraging voluntary upgrades, which could increase property values and set a precedent for broader adoption of fire safety measures in regions with outdated building codes.
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Who cares
Residential property owners
The bill would provide a tax credit covering 25% of sprinkler installation labor and materials for residential properties in municipalities that do not already require sprinklers.
Corporate residential property owners
The bill would offer the same credit against corporate taxes, with any amount exceeding tax liability credited or refunded without interest.
Fire sprinkler installers and suppliers
The credit would reduce eligible owners’ costs for the labor and materials needed to install sprinkler systems.
Headline styles
Tax Credit for Sprinkler Installs
Plain English, a few words. Used as the page title.
Sponsors
10 Co-sponsors
1 Multi-sponsor
History
- Referred to ways and means
- Print number 4439a
- Amend and recommit to ways and means
- Referred to ways and means
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.
Tax Credit for Sprinkler Systems
In Senate Committee · Budget And Revenue · Sponsor Leroy Comrie
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4439--A
2019-2020 Regular Sessions
IN ASSEMBLY
February 4, 2019
Introduced by M. of A. DenDEKKER, BRABENEC, D. ROSENTHAL, BUTTENSCHON, D'URSO, COLTON, MORINELLO, B. MILLER, DeSTEFANO, ASHBY, RAYNOR -- Multi-Sponsored by -- M. of A. SAYEGH -- read once and referred to the Committee on Ways and Means -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the tax law, in relation to providing tax credits for the installation of fire sprinkler systems
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 606 of the tax law is amended by adding a new subsection (kkk) to read as follows:
(kkk) Fire sprinkler tax credit for residential properties. (1) Allowance of credit. A taxpayer who is a residential property owner shall be allowed a credit, to be computed as hereinafter provided, against the tax imposed by this article. The amount of the credit shall be equal to twenty-five percent of the cost of the labor and materials needed to install sprinkler systems as defined by section one hundred fifty-five-a of the executive law, by the residential property owner, provided, however, that this subsection shall apply only to residential properties in municipalities that do not already require fire sprinkler systems be installed.
(2) Application of credit. If the amount of the credit allowed under this subsection for any taxable year shall exceed the taxpayer's tax for such year, the excess shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section six hundred eighty-six of this article, provided, however, that no interest shall be paid thereon.
§ 2. Section 210-B of the tax law is amended by adding a new subdivision 54 to read as follows:
54. Fire sprinkler tax credit for residential properties. (1) Allowance of credit. A taxpayer who is a residential property owner shall be
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07801-04-9
A. 4439--A 2
allowed a credit, to be computed as hereinafter provided, against the tax imposed by this article. The amount of the credit shall be equal to twenty-five percent of the cost of the labor and materials needed to install sprinkler systems as defined by section one hundred fifty-five-a of the executive law, by the residential property owner, provided, however, that this subdivision shall apply only to residential properties in municipalities that do not already require fire sprinkler systems be installed.
(2) Application of credit. If the amount of the credit allowed under this subdivision for any taxable year shall exceed the taxpayer's tax for such year, the excess shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section six hundred eighty-six of this chapter, provided, however, that no interest shall be paid thereon.
§ 3. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.