Bill S5893A-2011

Establishes a credit against income tax for residents and business owners who incurred damage to property as a result of tropical storms Irene and Lee

Establishes a credit for sales tax paid by victims who incurred damage as a result of tropical storms Irene and Lee.

Details

Actions

  • Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • Oct 21, 2011: PRINT NUMBER 5893A
  • Oct 21, 2011: AMEND (T) AND RECOMMIT TO RULES
  • Sep 21, 2011: REFERRED TO RULES

Text

STATE OF NEW YORK ________________________________________________________________________ S. 5893--A A. 8643--A 2011-2012 Regular Sessions S E N A T E - A S S E M B L Y September 21, 2011 ___________
IN SENATE -- Introduced by Sen. FARLEY -- read twice and ordered print- ed, and when printed to be committed to the Committee on Rules -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee IN ASSEMBLY -- Introduced by M. of A. TEDISCO, CROUCH, TOBACCO, GABRYS- ZAK, McLAUGHLIN, N. RIVERA, CALHOUN, RA, TITONE, BUTLER -- Multi-Spon- sored by -- M. of A. DUPREY -- read once and referred to the Committee on Ways and Means -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to establishing tax credits for state and county sales tax paid by victims of tropical storms Irene and 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 (tt) to read as follows: (TT) CREDIT FOR STATE SALES TAX PAID BY VICTIMS OF TROPICAL STORMS IRENE AND LEE. (1) GENERAL. A TAXPAYER WHOSE RESIDENCE OR BUSINESS INCURRED DAMAGE AS A RESULT OF TROPICAL STORM IRENE OF TWO THOUSAND ELEVEN, TROPICAL STORM LEE OF TWO THOUSAND ELEVEN OR BOTH SUCH TROPICAL STORMS SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI- CLE, TO BE COMPUTED AS PROVIDED IN PARAGRAPH TWO OF THIS SUBSECTION. (2) AMOUNT OF CREDIT. THE AMOUNT OF CREDIT SHALL BE EQUAL TO STATE SALES TAX PAID FOR EXPENSES RELATED TO DAMAGE INCURRED AS A RESULT OF FLOODING, HIGH WINDS, RAIN AND/OR MUDSLIDES CAUSED BY SUCH TROPICAL STORMS. SUCH EXPENSES SHALL INCLUDE, BUT NOT BE LIMITED TO, EXPENSES FOR MOVING AND STORAGE, AND FOR THE REPLACEMENT OF SUMP PUMPS, FURNACES, REFRIGERATORS, WASHERS, DRYERS, DEHUMIDIFIERS, BOILERS, FURNITURE, CONSTRUCTION MATERIALS, VEHICLES AND CLOTHING.
(3) ELIGIBILITY. TO BE ELIGIBLE TO RECEIVE SUCH CREDIT, A TAXPAYER SHALL RESIDE OR HAVE A BUSINESS WITHIN A COUNTY IN THIS STATE WHICH WAS DECLARED A FEDERAL DISASTER AREA AND IS ELIGIBLE TO RECEIVE FEDERAL AID OR ASSISTANCE AS A RESULT OF SUCH TROPICAL STORMS FROM THE FEDERAL EMER- GENCY MANAGEMENT AGENCY. (4) APPLICABILITY. CREDIT ALLOWED PURSUANT TO THIS SUBSECTION SHALL APPLY TO PAYMENTS FOR SERVICES AND EXPENSES MADE DURING THE TWO THOUSAND ELEVEN AND TWO THOUSAND TWELVE TAXABLE YEARS. S 2. Section 210 of the tax law is amended by adding a new subdivision 44 to read as follows: 44. CREDIT FOR STATE SALES TAX PAID BY VICTIMS OF TROPICAL STORMS IRENE AND LEE. (A) GENERAL. A TAXPAYER WHOSE BUSINESS INCURRED DAMAGE AS A RESULT OF TROPICAL STORM IRENE OF TWO THOUSAND ELEVEN, TROPICAL STORM LEE OF TWO THOUSAND ELEVEN OR BOTH SUCH TROPICAL STORMS SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE, TO BE COMPUTED AS PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION. (B) AMOUNT OF CREDIT. THE AMOUNT OF CREDIT SHALL BE EQUAL TO STATE SALES TAX PAID FOR EXPENSES RELATED TO DAMAGE INCURRED AS A RESULT OF FLOODING, HIGH WINDS, RAIN AND/OR MUDSLIDES CAUSED BY SUCH TROPICAL STORMS. SUCH EXPENSES SHALL INCLUDE, BUT NOT BE LIMITED TO, EXPENSES FOR MOVING AND STORAGE, AND FOR THE REPLACEMENT OF SUMP PUMPS, FURNACES, REFRIGERATORS, WASHERS, DRYERS, DEHUMIDIFIERS, BOILERS, FURNITURE, CONSTRUCTION MATERIALS, VEHICLES AND CLOTHING. (C) ELIGIBILITY. TO BE ELIGIBLE TO RECEIVE SUCH CREDIT, A TAXPAYER SHALL HAVE A BUSINESS WITHIN A COUNTY IN THIS STATE WHICH WAS DECLARED A FEDERAL DISASTER AREA AND IS ELIGIBLE TO RECEIVE FEDERAL AID OR ASSIST- ANCE AS A RESULT OF SUCH TROPICAL STORMS FROM THE FEDERAL EMERGENCY MANAGEMENT AGENCY. (D) APPLICABILITY. CREDIT ALLOWED PURSUANT TO THIS SUBDIVISION SHALL APPLY TO PAYMENTS FOR SERVICES AND EXPENSES MADE DURING THE TWO THOUSAND ELEVEN AND TWO THOUSAND TWELVE TAXABLE YEARS. S 3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xxxiii) to read as follows: (XXXIII) CREDIT FOR STATE SALES TAX AMOUNT OF CREDIT UNDER PAID BY VICTIMS OF TROPICAL STORMS SUBDIVISION FORTY-FOUR IRENE AND LEE UNDER SUBSECTION (TT) OF SECTION TWO HUNDRED TEN S 4. The tax law is amended by adding a new section 1207 to read as follows: S 1207. CREDIT FOR COUNTY SALES TAX PAID BY VICTIMS OF TROPICAL STORMS IRENE AND LEE. ANY COUNTY IN THIS STATE WHICH WAS DECLARED A FEDERAL DISASTER AREA AND IS ELIGIBLE TO RECEIVE FEDERAL AID OR ASSISTANCE AS A RESULT OF TROPICAL STORM IRENE OF TWO THOUSAND ELEVEN, TROPICAL STORM LEE OF TWO THOUSAND ELEVEN OR BOTH SUCH TROPICAL STORMS, OR ANY COUNTY WHICH BORDERS SUCH A COUNTY, MAY, AFTER PUBLIC HEARING, ADOPT A LOCAL LAW, ORDINANCE OR RESOLUTION TO PROVIDE A CREDIT AGAINST TAXES IMPOSED BY ARTICLES NINE-A AND TWENTY-TWO OF THIS CHAPTER FOR COUNTY SALES TAX PAID BY VICTIMS OF SUCH TROPICAL STORMS. SUCH CREDIT SHALL BE ALLOWED TO TAXPAYERS IN THE SAME MANNER AS THE CREDIT FOR STATE SALES TAX PAID ALLOWED PURSUANT TO SUBDIVISION (TT) OF SECTION SIX HUNDRED SIX AND SUBDIVISION FORTY-FOUR OF SECTION TWO HUNDRED TEN OF THIS CHAPTER. S 5. This act shall take effect immediately.

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