Senate Bill S1628

2011-2012 Legislative Session

Provides tax credit on personal income taxes for homeowner's insurance

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2011-S1628 (ACTIVE) - Details

Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Add ยง623, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S101

2011-S1628 (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.

2011-S1628 (ACTIVE) - Sponsor Memo

2011-S1628 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1628

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 10, 2011
                               ___________

Introduced  by  Sen. SAMPSON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

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.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.