Senate Bill S511

2013-2014 Legislative Session

Establishes a tax credit for personal property replacement as a result of bedbug infestation

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Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-S511 (ACTIVE) - Details

See Assembly Version of this Bill:
A692
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: S7065, A10081
2011-2012: S1286, A1482
2015-2016: S3041, A231
2017-2018: S2342, A483
2019-2020: A1000
2021-2022: A2201
2023-2024: A720

2013-S511 (ACTIVE) - Summary

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.

2013-S511 (ACTIVE) - Sponsor Memo

2013-S511 (ACTIVE) - Bill Text download pdf

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

                                   511

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (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

              

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