Establishes a tax credit for personal property replacement as a result of bedbug infestation; credit of 15% not to exceed $750; certification determined by commissioner.
Sponsor: ESPAILLAT Committee: INVESTIGATIONS AND GOVERNMENT OPERATIONS
Law Section: Tax Law
Law: Amd S606, Tax L
Law Section: Tax Law
Law: Amd S606, Tax L
- Jan 9, 2013: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
BILL NUMBER:S511 TITLE OF BILL: An act to amend the tax law, in relation to establishing a tax credit for personal property replacement as a result of bedbug infestation PURPOSE OR GENERAL IDEA OF BILL: The purpose of this legislation is to offer a 15% tax credit towards the replacement of personal property destroyed by bedbugs up to $750. SUMMARY OF SPECIFIC PROVISIONS: The bill will amend section 606 of the tax law to add subsection uu: 1. Allowing an individual to receive a credit against the personal tax imposed by this article equal to fifteen percent of qualified personal property replacement expenditures and not to exceed $750. 2a. The term "qualified personal property replacement expenditures" means expenditures made for the replacement of personal property due to bedbug damage. b. Such qualified expenditures shall include but not be limited to furniture, rugs or other home goods that may be damaged by bedbug infestation. c. Such qualified personal property replacement expenditures shall not include interest or other finance charges. 3. certification for credit allowance. The commissioner shall determine the procedure for certification for the credit authorized pursuant to this subsection. JUSTIFICATION: The recent bedbug epidemic has brought legitimate suffering to New Yorkers statewide. Victims have contracted bedbugs from neighbors, hotel stays and a variety of other means. In addition to social stigma, the afflicted have experienced economic hardship as a result of the loss of furniture, bedding, clothing and other belongings that must be discarded during the extermination process. Bedbug infestations are not covered by most varieties of renters or homeowners insurance and this bill would offer a modest tax credit to assist affected New Yorkers. PRIOR LEGISLATIVE HISTORY: 2010: S.7065 (Duane), Died in Investigations and Gov't Ops; A.1008 (Rosenthal), Died in Ways and Means. FISCAL IMPLICATIONS: Undetermined. EFFECTIVE DATE: This act shall take effect immediately and shall apply to taxable years beginning on and after the first of January next succeeding the date on which it shall have become a law.
S T A T E O F N E W Y O R K ________________________________________________________________________ 511 2013-2014 Regular Sessions I N SENATE (PREFILED) January 9, 2013 ___________ Introduced by Sen. ESPAILLAT -- 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 establishing a tax credit for personal property replacement as a result of bedbug infestation 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) PERSONAL PROPERTY REPLACEMENT CREDIT. (1) GENERAL. AN INDIVIDUAL TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI- CLE EQUAL TO FIFTEEN PERCENT OF QUALIFIED PERSONAL PROPERTY REPLACEMENT EXPENDITURES, AND NOT TO EXCEED SEVEN HUNDRED FIFTY DOLLARS. (2) QUALIFIED PERSONAL PROPERTY REPLACEMENT EXPENDITURES. (A) THE TERM "QUALIFIED PERSONAL PROPERTY REPLACEMENT EXPENDITURES" MEANS EXPENDI- TURES MADE FOR THE REPLACEMENT OF PERSONAL PROPERTY DUE TO BEDBUG DAMAGE. (B) SUCH QUALIFIED EXPENDITURES SHALL INCLUDE BUT NOT BE LIMITED TO FURNITURE, RUGS OR OTHER HOME GOODS THAT MAY BE DAMAGED BY BEDBUG INFES- TATION. (C) SUCH QUALIFIED PERSONAL PROPERTY REPLACEMENT EXPENDITURES SHALL NOT INCLUDE INTEREST OR OTHER FINANCE CHARGES. (3) CERTIFICATION FOR CREDIT ALLOWANCE. THE COMMISSIONER SHALL DETER- MINE THE PROCEDURE FOR CERTIFICATION FOR THE CREDIT AUTHORIZED PURSUANT TO THIS SUBSECTION. S 2. This act shall take effect immediately and shall apply to taxable years beginning on and after the first of January next succeeding the date on which it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01943-01-3