S T A T E   O F   N E W   Y O R K
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                                  9433

                          I N  A S S E M B L Y

                              March 1, 2012
                               ___________

Introduced  by M. of A. AMEDORE -- read once and referred to the Commit-
  tee on Ways and Means

AN ACT to amend the tax law, in relation to establishing  a  tax  credit
  for victims of Hurricane Irene and Tropical Storm Lee

  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 (uu) to read as follows:
  (UU) TAX CREDIT FOR VICTIMS OF HURRICANE IRENE AND TROPICAL STORM LEE.
(1)  ALLOWANCE OF CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CREDIT
FOR TAXABLE YEARS TWO THOUSAND ELEVEN AND TWO  THOUSAND  TWELVE,  TO  BE
COMPUTED  AS HEREINAFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTI-
CLE. FOR PURPOSES OF THIS PARAGRAPH, THE TERM "QUALIFIED TAXPAYER" MEANS
A BUSINESS OR RESIDENT TAXPAYER.
  (2) AMOUNT OF CREDIT. (A) THE AMOUNT OF THE CREDIT SHALL BE  EQUAL  TO
THE AMOUNT OF SCHOOL TAXES PAID FOR THE TWO THOUSAND ELEVEN-TWO THOUSAND
TWELVE  SCHOOL YEAR AND THE AMOUNT OF ANY CITY, VILLAGE, TOWN AND COUNTY
TAXES PAID IN TAXABLE YEAR TWO THOUSAND TWELVE WITH RESPECT TO ANY PROP-
ERTY WHICH RECEIVED SUBSTANTIAL DAMAGE AS A RESULT OF HURRICANE IRENE OR
TROPICAL STORM LEE IN TWO THOUSAND ELEVEN.
  (B) FOR PURPOSES OF THIS SUBSECTION,  THE  TERM  "SUBSTANTIAL  DAMAGE"
MEANS  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.
  (3) ELIGIBILITY. (A) THE  CREDIT  SHALL  ONLY  BE  ALLOWED  WHERE  THE
AFFECTED  PROPERTY  IS  LOCATED  IN  A  COUNTY  IN  THIS STATE WHICH WAS
DECLARED A FEDERAL DISASTER AREA AND IS ELIGIBLE TO RECEIVE FEDERAL  AID
OR  ASSISTANCE  FROM THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS A RESULT
OF HURRICANE IRENE OR TROPICAL STORM LEE IN TWO THOUSAND ELEVEN.
  (B) THE CREDIT UNDER THIS SUBSECTION SHALL  ONLY  BE  ALLOWED  IF  THE
PROPERTY IS CONSIDERED THE TAXPAYER'S PRIMARY RESIDENCE.
  (4)  APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
SUBSECTION SHALL EXCEED THE TAXPAYER'S TAX FOR  SUCH  YEAR,  THE  EXCESS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD13655-04-2

A. 9433                             2

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.
  S 2. This act shall take effect immediately.