Provides for an increase in federal itemized deduction for certain home improvements; a fifty percent tax exemption is provided to a residential property owner of a one, two or three family home for improvements that will promote environmental quality; limits the deduction to $1,000 in any one tax year.
TITLE OF BILL: An act to amend the tax law, in relation to modifications increasing federal itemized deductions for home improvements
PURPOSE: A fifty percent enticement to improve a one, two or three-family home that will promote environmental quality.
SUMMARY OF PROVISIONS: Adds a new paragraph 5 to §1 subsection (d) of §615 of the tax law.
LEGISLATIVE HISTORY: 2009-10, S.234; 2007-08, S.144; 2005-06, S.584; 2003-04, S.723; 2001-02, S.2106; 1999-00, S.1636; 1997-98, S.2661
FISCAL IMPLICATIONS: An amount, not to exceed fifty percent of the amount expended by a taxpayer who is a homeowner. This deduction is limited to one thousand dollars in anyone tax year.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ S. 814 A. 517 2011-2012 Regular Sessions S E N A T E - A S S E M B L Y (PREFILED) January 5, 2011 ___________IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print- ed, and when printed to be committed to the Committee on Investi- gations and Government Operations IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to modifications increasing federal itemized deductions for home improvements THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (d) of section 615 of the tax law is amended by adding a new paragraph 5 to read as follows: (5) AN AMOUNT, NOT TO EXCEED FIFTY PERCENT OF THE AMOUNT EXPENDED BY A TAXPAYER WHO IS THE OWNER OF A ONE, TWO OR THREE FAMILY HOME FOR MAKING AN IMPROVEMENT TO SAID HOME WHICH WILL PROMOTE ENVIRONMENTAL QUALITY, INCLUDING THE REPLACEMENT OR UPGRADE OF AN INDIVIDUAL SEWAGE DISPOSAL SYSTEM, REPLACEMENT OR UPGRADE OF FUEL OIL TANKS, OR THE INSTALLMENT OF A STORM WATER COLLECTION AND RECHARGE SYSTEM. THIS DEDUCTION IS LIMITED TO ONE THOUSAND DOLLARS IN ANY ONE TAX YEAR. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03752-01-1