Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jun 17, 2014 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1434 committee discharged and committed to rules |
May 13, 2014 |
reported and committed to finance |
Jan 08, 2014 |
referred to investigations and government operations returned to senate died in assembly |
Jun 17, 2013 |
referred to ways and means delivered to assembly passed senate ordered to third reading cal.1381 committee discharged and committed to rules |
Feb 22, 2013 |
referred to investigations and government operations |
Senate Bill S3850
2013-2014 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(D) Senate District
(D) Senate District
(D, WF) Senate District
(D, IP) Senate District
2013-S3850 (ACTIVE) - Details
2013-S3850 (ACTIVE) - Sponsor Memo
BILL NUMBER:S3850 TITLE OF BILL: An act to amend the tax law, in relation to providing a tax credit for businesses that purchase flood insurance; and providing for the repeal of such provisions upon expiration thereof PURPOSE OR GENERAL IDEA OF BILL: To provide state sponsored incentives through tax credits for businesses that currently do not have flood insurance, but would like to purchase these insurance coverages. SUMMARY OF SPECIFIC PROVISIONS: Section 1: Amend Tax Law § 210 to create a corporate franchise tax credit for affected businesses that purchase flood insurance. Provides that the credit shall be equal to: (i) seventy-five percent of the cost of flood insurance for the business on or after January 1, 2014; (ii) fifty percent of the cost of flood insurance for the business on or after January 1, 2015; and (iii) twenty-five percent of the cost of flood insurance for business on or after January 1, 2016. This annual tax credit will expire on December 31, 2016. Sections 2 and 3: Amend Tax Law § 606 to create a personal income tax credit for affected businesses that purchase flood insurance. Provides that the credit shall be equal to: (i) seventy-five percent of the cost of flood insurance for the business on or after January 1, 2014; (ii) fifty percent of the cost of flood insurance for the
2013-S3850 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3850 2013-2014 Regular Sessions I N S E N A T E February 22, 2013 ___________ Introduced by Sens. SAVINO, CARLUCCI, KLEIN, SMITH, VALESKY -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations AN ACT to amend the tax law, in relation to providing a tax credit for businesses that purchase flood insurance; and providing for the repeal of such provisions upon expiration thereof THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 210 of the tax law is amended by adding a new subdivision 46 to read as follows: 46. TAX CREDIT FOR BUSINESSES WHICH PURCHASE FLOOD INSURANCE. (A) A QUALIFIED TAXPAYER SHALL BE ALLOWED AN ANNUAL CREDIT FOR THE PURCHASE OF FLOOD INSURANCE. THE CREDIT SHALL BE EQUAL TO: (I) SEVENTY-FIVE PERCENT OF THE COST OF FLOOD INSURANCE FOR THE BUSINESS ON OR AFTER JANUARY FIRST, TWO THOUSAND FOURTEEN; (II) FIFTY PERCENT OF THE COST OF FLOOD INSURANCE FOR THE BUSINESS ON OR AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN; AND (III) TWENTY-FIVE PERCENT OF THE COST OF FLOOD INSURANCE FOR THE BUSINESS ON OR AFTER JANUARY FIRST, TWO THOUSAND FIFTEEN AND BEFORE JANUARY FIRST, TWO THOUSAND SIXTEEN. (B) IN NO EVENT SHALL THE CREDIT UNDER THIS SUBDIVISION REDUCE THE TAX PAYABLE TO LESS THAN THE DOLLAR AMOUNT FIXED AS A MINIMUM TAX BY PARA- GRAPH (D) OF SUBDIVISION ONE OF THIS SECTION. HOWEVER, IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR WOULD HAVE REDUCED THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT THUS NOT USED IN SUCH TAXABLE YEAR MAY BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION ONE THOUSAND EIGHTY-SIX OF THIS CHAPTER. (C) FOR PURPOSES OF THIS SUBDIVISION, "QUALIFIED TAXPAYER" SHALL INCLUDE, BUT NOT BE LIMITED TO BUSINESSES OPERATING IN OR OUT OF A RESI- DENCE WHOSE BUSINESS IS LOCATED WITHIN A HEIGHTENED FLOOD RISK ZONE AND DOES NOT CURRENTLY HAVE FLOOD INSURANCE. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09183-02-3
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