S814-2011 Actions

• Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jan 5, 2011: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

S814-2011 Memo

BILL NUMBER:S814

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.

S814-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 S. 814                                                    A. 517
 2011-2012 Regular Sessions
 SENATE - ASSEMBLY
 (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

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