Provides a tax credit to home owners who repair cock loft fire hazards in their homes.
Ayes (58): Addabbo, Avella, Ball, Bonacic, Boyle, Breslin, Carlucci, DeFrancisco, Dilan, Farley, Felder, Flanagan, Gallivan, Gianaris, Gipson, Golden, Griffo, Grisanti, Hannon, Hassell-Thomps, Hoylman, Kennedy, Klein, Krueger, Lanza, Larkin, Latimer, LaValle, Libous, Marcellino, Marchione, Martins, Maziarz, Montgomery, Nozzolio, O'Brien, O'Mara, Parker, Peralta, Perkins, Ranzenhofer, Ritchie, Rivera, Robach, Sampson, Sanders, Savino, Serrano, Seward, Skelos, Smith, Squadron, Stavisky, Stewart-Cousins, Tkaczyk, Valesky, Young, Zeldin
Nays (1): Little
Excused (2): Diaz, Espaillat
TITLE OF BILL: An act to amend the tax law, in relation to providing a tax credit for a portion of the cost of repairing certain fire hazards
PURPOSE OR GENERAL IDEA OF BILL:
Provides a tax credit to homeowners who repair cock loft fire hazards in their homes.
SUMMARY OF SPECIFIC PROVISIONS:
Section 606 of the Tax Law is amended by adding a new subsection (ccc) to provide for a 30% refundable tax credit, up to a maximum of $500, for repairing fire hazards commonly known as cocklofts, which are defined as a completely enclosed space between the rafters and a suspended ceiling.
This legislation is introduced as a result of a major fires that have taken place in Queens and Brooklyn. In these cases, the fire began in a single family home fire which quickly spread down the entire block of homes because of the existence of cock lofts which connected these houses. Homes on the block were quickly consumed by the fire. If the cock lofts were closed off, the devastation these fires caused would probably not have been so great.
Row houses are no longer designed and built with cock lofts because of the fire hazard. However, closing off these, already in existence, passage ways is not considered by homeowners because there is no inducement to do so. This legislation will give homeowners the tax incentive they may need to correct this building flaw, which may one day prove useful in avoiding another catastrophe.
PRIOR LEGISLATIVE HISTORY:
2013: S. 5944 - Referred to Senate Rules Committee.
To Be Determined.
This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2014.
STATE OF NEW YORK ________________________________________________________________________ 5944--B 2013-2014 Regular Sessions IN SENATE October 2, 2013 ___________Introduced by Sen. ADDABBO -- read twice and ordered printed, and when printed to be committed to the Committee on Rules -- recommitted to the Committee on Investigations and Government Operations in accord- ance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- reported favorably from said committee and committed to the Committee on Finance -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the tax law, in relation to providing a tax credit for a portion of the cost of repairing certain fire hazards 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 (ccc) to read as follows: (CCC) CREDIT FOR REPAIRING CERTAIN FIRE HAZARDS. (1) ANY RESIDENT OWNER OF REAL PROPERTY AS DEFINED IN SECTION ONE HUNDRED TWO OF THE REAL PROPERTY TAX LAW SHALL BE ALLOWED A CREDIT AGAINST THE TAX OTHER- WISE IMPOSED UNDER THIS ARTICLE IN AN AMOUNT EQUAL TO THIRTY PERCENT OF THE COST OF REPAIRING FIRE HAZARDS COMMONLY KNOWN AS COCK LOFTS, PROVIDED THAT SUCH CREDIT SHALL NOT EXCEED FIVE HUNDRED DOLLARS. FOR PURPOSES OF THIS SECTION THE TERM "COCK LOFT" SHALL MEAN A COMPLETELY ENCLOSED SPACE BETWEEN RAFTERS AND A SUSPENDED CEILING. (2) IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS 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 and shall apply to taxable years beginning on or after January 1, 2014.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11872-05-4