What's happening
This bill creates a tax credit for property owners covering costs to bring buildings into compliance with current building and fire codes.
Why it matters
Direct financial relief for property owners. By refunding the full cost of labor and materials for building and fire code upgrades, this bill significantly reduces the financial burden that often prevents timely safety improvements in both residential and commercial buildings.
Stronger incentives for code compliance. The refundable nature of the credit (including for those who owe little or no tax) means even small property owners or those without large profits are encouraged to proactively update their properties, potentially leading to broader compliance with safety standards.
Potential for improved public safety and housing quality. By making code compliance more affordable, the bill could lead to safer living and working environments, lowering risks of fires, structural failures, and accidents, and possibly reducing insurance costs and emergency response incidents in the long run.
Impact on state finances and enforcement. While promoting safety, the bill could lead to decreased tax revenue due to the credits and increased administrative oversight to verify eligible expenses, raising questions about budgeting and the potential need for clearer enforcement and auditing mechanisms.
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Who cares
Headline styles
Tax Credit for Safer Buildings
Plain English, a few words. Used as the page title.
Sponsors
History
- Referred to ways and means
- Referred to ways and means
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1243
2025-2026 Regular Sessions
IN ASSEMBLY
January 9, 2025
Introduced by M. of A. TAPIA, DE LOS SANTOS, BURDICK, CRUZ, TAYLOR, SHIMSKY, DAVILA -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing the building and fire code adherence tax credit
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 (qqq) to read as follows:
(qqq) Building and fire code adherence tax credit. (1) Allowance of credit. A taxpayer who is a residential or commercial 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 the cost of the labor and materials needed to bring a property to code by the property owner to adhere to the most current applicable building and fire codes.
(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 61 to read as follows:
61. Building and fire code adherence tax credit. (1) Allowance of credit. A taxpayer who is a residential or commercial 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 the cost of the labor and materials needed to bring a property to code by the property owner to adhere to the most current applicable building and fire codes.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02639-01-5
(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. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (lii) to read as follows: (lii) Building and fire code Amount of credit under adherence tax credit under subdivision sixty-one of subsection (qqq) section two hundred ten-B
§ 4. This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2025.
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.