Bill S6569-2013

Establishes an income tax credit for flood victims in the town of West Seneca, county of Erie

Establishes an income tax credit for flood victims in the town of West Seneca, county of Erie in the amount of property taxes paid on property which sustained substantial damage as a result of flooding in the period from January 6, 2014 to and including January 13, 2014.

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  • Feb 6, 2014: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Memo

BILL NUMBER:S6569

TITLE OF BILL: An act to amend the tax law, in relation to establishing an income tax credit for flood victims in the town of West Seneca in the amount of property taxes paid on property which sustained substantial damage as a result of flooding in the period from January 6, 2014 to and including January 13, 2014

PURPOSE:

The purpose of this legislation is to provide income tax credits for victims of recent flooding in the town of West Seneca. The credit would equal the amount of real property taxes paid or incurred on any property which received substantial damage as a result of the storms.

SUMMARY OF PROVISIONS:

This bill adds a new subsection (y) to section 606 of the tax law to provide a qualified taxpayer an income tax credit equal to the amount of school taxes paid in taxable year 2013 and January 2014's municipal taxes, with respect to any property that received substantial damage due to flooding occurring in the period from January 6, 2014 to and including January 13, 2014. The credit is only available to those whose businesses or residences were affected within the town of West Seneca and is based on the amount of property taxes paid.

"Substantial damage" is defined as damage of any origin sustained by a structure whereby the cost of restoring the structure to its before damaged condition would equal or exceed fifty percent of the market value of the structure before the damage occurred.

This legislation also provides that any amount of credit that exceeds the taxpayer's tax for such year shall be treated as an overpayment of tax to be credited or refunded.

JUSTIFICATION:

Severe weather and flooding between the dates of January 6 and January 13, 2014, resulted in significant damage to properties in the town of West Seneca. This legislation provides relief in the form of an income tax credit that is equal to the amount of taxes incurred on any property which was substantially damaged by these incidents of severe weather.

LEGISLATIVE HISTORY:

New bill.

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 6569 IN SENATE February 6, 2014 ___________
Introduced by Sen. GALLIVAN -- 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 an income tax credit for flood victims in the town of West Seneca in the amount of property taxes paid on property which sustained substantial damage as a result of flooding in the period from January 6, 2014 to and includ- ing January 13, 2014 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsections (yy) and (zz) of section 606 of the tax law, as relettered by section 5 of part H of chapter 1 of the laws of 2003, are relettered subsections (yyy) and (zzz) and a new subsection (y) is added to read as follows: (Y) TAX CREDIT FOR VICTIMS OF FLOODING IN THE TOWN OF WEST SENECA, COUNTY OF ERIE DURING THE PERIOD FROM JANUARY SIXTH, TWO THOUSAND FOUR- TEEN TO AND INCLUDING JANUARY THIRTEENTH, TWO THOUSAND FOURTEEN. (1) ALLOWANCE OF CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CRED- IT FOR TAXABLE YEARS TWO THOUSAND THIRTEEN AND TWO THOUSAND FOURTEEN, TO BE COMPUTED AS HEREINAFTER PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE. FOR PURPOSES OF THIS PARAGRAPH, THE TERM "QUALIFIED TAXPAYER" MEANS A BUSINESS OR RESIDENT TAXPAYER. (2) AMOUNT OF CREDIT. (A) THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE AMOUNT OF SCHOOL TAXES PAID FOR THE TWO THOUSAND THIRTEEN--TWO THOU- SAND FOURTEEN SCHOOL YEAR AND THE AMOUNT OF ANY TOWN AND COUNTY TAXES PAID IN TAXABLE YEAR TWO THOUSAND FOURTEEN WITH RESPECT TO ANY PROPERTY WHICH RECEIVED SUBSTANTIAL DAMAGE AS A RESULT OF SEVERE FLOODING DURING THE PERIOD OF JANUARY SIXTH, TWO THOUSAND FOURTEEN TO JANUARY THIR- TEENTH, TWO THOUSAND FOURTEEN, INCLUSIVE. (B) FOR PURPOSES OF THIS SUBSECTION, THE TERM "SUBSTANTIAL DAMAGE" MEANS DAMAGE OF ANY ORIGIN SUSTAINED BY A STRUCTURE WHEREBY THE COST OF RESTORING THE STRUCTURE TO ITS BEFORE DAMAGED CONDITION WOULD EQUAL OR EXCEED FIFTY PERCENT OF THE MARKET VALUE OF THE STRUCTURE BEFORE THE DAMAGE OCCURRED.
(3) ELIGIBILITY. (A) THE CREDIT SHALL ONLY BE ALLOWED WHERE THE AFFECTED PROPERTY IS LOCATED WITHIN THE TOWN OF WEST SENECA. (B) THE CREDIT UNDER THIS SUBSECTION SHALL ONLY BE ALLOWED IF THE PROPERTY IS CONSIDERED THE TAXPAYER'S PRIMARY RESIDENCE. (4) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBSECTION 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 THE TAX LAW, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON. S 2. This act shall take effect immediately.

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