Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2010 |
referred to ways and means |
Feb 04, 2009 |
referred to ways and means |
Assembly Bill A4456
2009-2010 Legislative Session
Sponsored By
TOWNS
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
2009-A4456 (ACTIVE) - Details
2009-A4456 (ACTIVE) - Summary
Provides a personal income tax credit of up to $350 for homeowners whose homeowner's insurance rate exceeds the mean of such rates in cities with a population of 100,000 or more; and requires the superintendent of insurance to annually compute the mean rate of premium charged per thousand for homeowner's and fire insurance.
2009-A4456 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4456 2009-2010 Regular Sessions I N A S S E M B L Y February 4, 2009 ___________ Introduced by M. of A. TOWNS -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to providing a credit for excessive residential insurance payments in certain cities THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding a new section 623 to read as follows: S 623. CREDIT FOR EXCESSIVE INSURANCE PAYMENTS IN A CITY HAVING A POPULATION OF ONE HUNDRED THOUSAND OR MORE. (A) GENERAL. A RESIDENT TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX OTHERWISE DUE UNDER THIS ARTICLE IN THE AMOUNT PAID BY HIM OR HER DURING THE TAXABLE YEAR FOR HOMEOWNER'S INSURANCE OR FIRE INSURANCE ON A SINGLE FAMILY OR A MULTI-FAMILY DWELLING CONTAINING NO MORE THAN THREE FAMILIES WHICH IS THE TAXPAYER'S PRINCIPAL PLACE OF RESIDENCE IN EXCESS OF AN AMOUNT DETERMINED BY MULTIPLYING THE MEAN RATE OF PREMIUM CHARGED PER THOUSAND FOR SUCH INSURANCE IN THE CITY OF HIS OR HER RESIDENCE TIMES THE NUMBER OF THOUSANDS OF DOLLARS OF SUCH INSURANCE FOR WHICH HE OR SHE PAID. (B) LIMITATIONS. (1) THE CREDIT UNDER THIS SECTION SHALL NOT EXCEED THREE HUNDRED FIFTY DOLLARS, NOR IN ANY EVENT SHALL IT BE MORE THAN THE TAX OTHERWISE TO BE PAID BY THE TAXPAYER. (2) SUCH CREDIT SHALL ONLY APPLY IN CITIES WITH A POPULATION OF ONE HUNDRED THOUSAND OR MORE. (3) ONLY ONE TAXPAYER, OR HUSBAND AND WIFE FILING A JOINT RETURN, MAY CLAIM SUCH CREDIT AND IT WILL ONLY BE ALLOWED SO LONG AS THE QUALI- FIED TAXPAYER OWNS AND RESIDES IN THE RESIDENCE WHICH WAS SO INSURED. (C) THE SUPERINTENDENT OF INSURANCE SHALL COMPUTE ANNUALLY THE MEAN RATE OF PREMIUM CHARGED PER THOUSAND FOR HOMEOWNER'S INSURANCE AND FOR RESIDENTIAL FIRE INSURANCE IN EACH CITY HAVING A POPULATION OF ONE HUNDRED THOUSAND OR MORE. S 2. This act shall take effect on the first of January next succeeding the date on which it shall have become a law and shall apply to all taxable years beginning on or after such effective date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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