Assembly Bill A2201

2021-2022 Legislative Session

Establishes a tax credit for personal property replacement as a result of bedbug infestation

download bill text pdf

Sponsored By

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

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2021-A2201 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A10081
2011-2012: A1482
2013-2014: A692
2015-2016: A231
2017-2018: A483
2019-2020: A1000
2023-2024: A720

2021-A2201 (ACTIVE) - Summary

Establishes a tax credit for personal property replacement as a result of bedbug infestation; credit of 15% not to exceed $750; certification determined by commissioner.

2021-A2201 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2201
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 14, 2021
                                ___________
 
 Introduced  by M. of A. L. ROSENTHAL, J. RIVERA, PERRY, COLTON -- Multi-
   Sponsored by -- M. of A. GLICK  --  read  once  and  referred  to  the
   Committee on Ways and Means
 
 AN  ACT  to  amend the tax law, in relation to establishing a tax credit
   for personal property replacement as a result of bedbug infestation

   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 (kkk) to read as follows:
   (KKK) PERSONAL PROPERTY REPLACEMENT CREDIT. (1) GENERAL. AN INDIVIDUAL
 TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
 CLE EQUAL TO FIFTEEN PERCENT OF QUALIFIED PERSONAL PROPERTY  REPLACEMENT
 EXPENDITURES, AND NOT TO EXCEED SEVEN HUNDRED FIFTY DOLLARS.
   (2) QUALIFIED PERSONAL PROPERTY REPLACEMENT EXPENDITURES. (A) THE TERM
 "QUALIFIED  PERSONAL  PROPERTY  REPLACEMENT EXPENDITURES" MEANS EXPENDI-
 TURES MADE FOR THE  REPLACEMENT  OF  PERSONAL  PROPERTY  DUE  TO  BEDBUG
 DAMAGE.
   (B)  SUCH  QUALIFIED  EXPENDITURES SHALL INCLUDE BUT NOT BE LIMITED TO
 FURNITURE, RUGS OR OTHER HOME GOODS THAT MAY BE DAMAGED BY BEDBUG INFES-
 TATION.
   (C) SUCH QUALIFIED PERSONAL PROPERTY  REPLACEMENT  EXPENDITURES  SHALL
 NOT INCLUDE INTEREST OR OTHER FINANCE CHARGES.
   (3)  CERTIFICATION FOR CREDIT ALLOWANCE. THE COMMISSIONER SHALL DETER-
 MINE THE PROCEDURE FOR CERTIFICATION FOR THE CREDIT AUTHORIZED  PURSUANT
 TO THIS SUBSECTION.
   § 2. This act shall take effect immediately and shall apply to taxable
 years  beginning  on  and after the first of January next succeeding the
 date on which it shall have become a law.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00810-01-1

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