Creates a disabled person retrofit tax credit.
Sponsor: DUANE Committee: INVESTIGATIONS AND GOVERNMENT OPERATIONS
Law Section: Tax Law
Law: Amd S606, Tax L
Law Section: Tax Law
Law: Amd S606, Tax L
- Jan 11, 2012: PRINT NUMBER 5058A
- Jan 11, 2012: AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
- Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
- May 3, 2011: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
BILL NUMBER:S5058A TITLE OF BILL: An act to amend the tax law, in relation to creating a disabled person retrofit tax credit PURPOSE: To provide an incentive for owners of residential buildings to retrofit homes for access to the disabled. SUMMARY OF PROVISIONS: Section One of the bill amends Section 606 of the tax law to allow a taxpayer a tax credit to be equal to thirty percent, with a maximum of $5,000 dollars, of the cost of expenditures for retrofitting a home for disabled access. Qualified improvements include: * A no-step entrance or entrance allowing access to the residence; * Interior passage doors providing at least thirty-two in wide opening; * Reinforcements in bathroom walls allowing installation of grab bars around the toilet, tub and shower; and * Light switches and outlets placed in locations accessible to disabled persons EXISTING LAW: New legislation JUSTIFICATION: Many homeowners discover that retrotfitting homes to allow better access for the disabled cost prohibitive and be deterred from making the improvements. This legislation would provide a tax credit that is equal to thirty percent of the cost expenditures, up to $5,000 for making qualified improvements. LEGISLATIVE HISTORY: To be determined. FISCAL IMPLICATIONS: To be determined. EFFECTIVE DATE: This act shall take effect immediately and shall be deemed to have been in full force and effect on January 1, 2011; provided further, this act shall apply to all tax years commencing on or after January 1, 2011
S T A T E O F N E W Y O R K ________________________________________________________________________ 5058--A 2011-2012 Regular Sessions I N SENATE May 3, 2011 ___________ Introduced by Sen. DUANE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations -- recommitted to the Committee on Investigations and Government Operations in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to creating a disabled person retrofit tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS:
Section 1. Section 606 of the tax law is amended by adding a new subsection (aaa) to read as follows:
(AAA) DISABLED PERSON RETROFIT TAX CREDIT. (1) FOR TAXABLE YEARS BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWELVE, A TAXPAYER 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 THIRTY PERCENT OF THE COST OF THE EXPENDITURES MADE BY THE TAXPAYER WITH RESPECT TO THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A DWELLING OCCUPIED BY THE TAXPAYER AS HIS OR HER PRIMARY RESIDENCE AND MAY BE ALLOWED IN THE TAXABLE YEAR IN WHICH THE EXPENDITURE IS INCURRED; PROVIDED THAT THE LIFETIME CREDIT ALLOWABLE WITH REGARD TO EXPENDITURES FOR THE INSTALLATION OF QUALIFIED IMPROVEMENTS AT A PARTICULAR DWELLING BY ANY TAXPAYER SHALL NOT EXCEED FIVE THOUSAND DOLLARS IN THE AGGREGATE FOR IMPROVEMENTS MADE TO THAT DWELLING. SUBJECT TO THE PROVISIONS OF THIS SUBSECTION, A TAXPAYER SHALL BE ALLOWED A CREDIT, NOT TO EXCEED FIVE THOUSAND DOLLARS IN THE AGGREGATE, FOR EACH DWELLING THAT THE TAXPAYER OCCUPIES AS HIS OR HER PRIMARY RESIDENCE AND AT WHICH THE TAXPAYER INSTALLS QUALIFIED IMPROVEMENTS. (2) AS USED IN THIS SUBSECTION "QUALIFIED IMPROVEMENTS" MEANS THE INSTALLATION OF:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11207-02-2 S. 5058--A 2 (A) A NO-STEP ENTRANCE OR ENTRANCES ALLOWING ACCESS INTO THE RESI- DENCE; (B) INTERIOR PASSAGE DOORS PROVIDING AT LEAST A THIRTY-TWO INCH WIDE OPENING; (C) REINFORCEMENTS IN BATHROOM WALLS ALLOWING INSTALLATION OF GRAB BARS AROUND THE TOILET, TUB AND SHOWER; AND (D) LIGHT SWITCHES AND OUTLETS PLACED IN LOCATIONS ACCESSIBLE TO DISA- BLED PERSONS. (3) IF THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS SUBSECTION SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS. (4) (A) THE PROVISIONS OF THIS SUBSECTION SHALL NOT APPLY TO ANY DWELLING OWNED SOLELY FOR COMMERCIAL PURPOSES. IN THE CASE OF A BUILDING WHERE LESS THAN THE ENTIRE BUILDING IS USED AS A RESIDENCE OF THE TAXPAYER, ONLY THE PORTION OF THE TOTAL EXPENDITURES MADE IN THE BUILD- ING THAT IS ATTRIBUTABLE TO THE RESIDENCE OF THE TAXPAYER SHALL BE TREATED AS QUALIFIED EXPENDITURES FOR THE PURPOSES OF THIS SUBSECTION. (B) IF THE TAXPAYER OCCUPIES THE DWELLING AS HIS OR HER PRIMARY RESI- DENCE FOR ONLY A PORTION OF A TAX YEAR IN WHICH A CREDIT UNDER THIS SUBSECTION IS CLAIMED, THE AMOUNT OF THE ALLOWABLE CREDIT SHALL BE REDUCED IN PROPORTION TO THE AMOUNT OF TIME THE TAXPAYER DID NOT OCCUPY THE DWELLING AS HIS OR HER PRIMARY RESIDENCE. (C) IN THE CASE OF A DWELLING THAT IS OWNED BY AND IS A RESIDENCE OF TWO OR MORE PERSONS, OTHER THAN A HUSBAND AND WIFE, THE PORTION OF THE TOTAL EXPENDITURES MADE IN THE REHABILITATION OF THE BUILDING THAT IS ATTRIBUTABLE TO EACH TAXPAYER SHALL BE EQUAL TO THE TAXPAYER'S SHARE OF OWNERSHIP IN SUCH BUILDING. (5) THE TAXPAYER SHALL FURNISH SUCH INFORMATION AS THE COMMISSIONER DETERMINES IS NECESSARY TO DETERMINE ANY CREDIT UNDER THIS SUBSECTION. S 2. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after January 1, 2012; provided further, this act shall apply to all tax years commencing on or after January 1, 2012.