This bill has been amended

Bill S1787-2013

Establishes a tax credit for homeowners and businesses to build permeable surfaces

Establishes a tax credit for homeowners and businesses to build permeable surfaces.

Details

Actions

  • Jan 8, 2014: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • Jan 9, 2013: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Memo

BILL NUMBER:S1787

TITLE OF BILL: An act to amend the tax law, in relation to credits against tax for homeowners and businesses to build permeable surfaces

PURPOSE: The bill would provide homeowners and businesses a tax credit for constructing a permeable surface, such as a driveway or parking lot to help mitigate flooding.

SUMMARY OF PROVISIONS: The bill creates a tax credit for homeowners and businesses who construct a permeable surface, during the taxable year, as part of or near their real property The tax credit can be for up to 50% of the cost of construction but cannot exceed $5,000.

JUSTIFICATION: Many counties across New York State experience extensive and devastating flood damage due to Hurricane Irene and Tropical Storm Lee. Future flood damage can be mitigated by incentivizing homeowners and businesses to construct permeable surfaces such as, paved driveways and parking lots which allow for the movement of water and air around the materials. Permeable surfaces could decrease future damages caused by flooding.

LEGISLATIVE HISTORY: 2012 - 5.6750 - Referred to Investigations and Governmental Operations

FISCAL IMPLICATIONS: Needs to be determined.

EFFECTIVE DATE: Effective immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 1787 2013-2014 Regular Sessions IN SENATE (PREFILED) January 9, 2013 ___________
Introduced by Sen. CARLUCCI -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to credits against tax for homeowners and businesses to build permeable surfaces 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 (vv) to read as follows: (VV) CREDIT FOR HOMEOWNERS AND BUSINESSES TO BUILD PERMEABLE SURFACES. (1)(A) HOMEOWNERS WHO CONSTRUCT A PERMEABLE SURFACE AS PART OF THEIR REAL PROPERTY, DURING THE TAXABLE YEAR, SHALL BE ELIGIBLE TO RECEIVE A TAX CREDIT FOR UP TO FIFTY PERCENT OF THE COST OF CONSTRUCTION, NOT EXCEEDING FIVE THOUSAND DOLLARS. (B) FOR PURPOSES OF THIS SUBSECTION THE FOLLOWING DEFINITIONS SHALL APPLY: (I) HOMEOWNER IS DEFINED AS A NEW YORK RESIDENT FOR THE PAST TWENTY-FOUR MONTHS AND WHO OWNS A SINGLE FAMILY OR MULTI-FAMILY DWELLING FOR RESIDENTIAL PURPOSES WITHIN NEW YORK STATE. (II) PERMEABLE SURFACE, SHALL MEAN ANY PERMEABLE PAVING THAT ALLOWS THE MOVEMENT OF WATER AND AIR AROUND THE PAVING MATERIALS. A PERMEABLE SURFACE SHALL INCLUDE BUT NOT BE LIMITED TO: SIDEWALKS, DRIVEWAYS AND PARKING LOTS. (2)(A) BUSINESSES WHO CONSTRUCT A PERMEABLE SURFACE ADJACENT TO OR WITHIN ONE THOUSAND FEET OF THE PROPERTY, DURING THE TAXABLE YEAR, SHALL BE ELIGIBLE TO RECEIVE A TAX CREDIT FOR UP TO FIFTY PERCENT OF THE COST OF CONSTRUCTION, NOT EXCEEDING FIVE THOUSAND DOLLARS. (B) FOR PURPOSES OF THIS SUBSECTION THE FOLLOWING DEFINITIONS SHALL APPLY:
(I) BUSINESS SHALL MEAN ANY BUSINESS WHOSE PRINCIPAL PLACE OF BUSINESS IS LOCATED IN NEW YORK STATE, AND HAS BEEN LOCATED IN THE STATE FOR THE PREVIOUS THIRTY-SIX MONTHS. (II) PERMEABLE SURFACE, SHALL MEAN ANY PERMEABLE PAVING THAT ALLOWS THE MOVEMENT OF WATER AND AIR AROUND THE PAVING MATERIALS. A PERMEABLE SURFACE SHALL INCLUDE BUT NOT BE LIMITED TO: SIDEWALKS, DRIVEWAYS AND PARKING LOTS. S 2. This act shall take effect immediately and shall apply to taxable years commencing on and after such date.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Discuss!

blog comments powered by Disqus