Senate Bill S5985

2013-2014 Legislative Session

Establishes an income tax credit for flood victims in certain counties

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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2013-S5985 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L

2013-S5985 (ACTIVE) - Summary

Establishes an income tax credit for flood victims in certain counties in the amount of property taxes paid on property which sustained substantial damage as a result of flooding in the period from June 20, 2013 to and including August 9, 2013.

2013-S5985 (ACTIVE) - Sponsor Memo

2013-S5985 (ACTIVE) - Bill Text download pdf 

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

                                  5985

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            November 15, 2013
                               ___________

Introduced  by  Sens.  SEWARD,  FARLEY,  GRIFFO, MAZIARZ, O'MARA -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee on Rules

AN  ACT  to  amend the tax law, in relation to establishing a tax credit
  for certain flood victims

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.   Subsections (yy) and (zz) of section 606 of the tax law,
as relettered by section 5 of part H of chapter 1 of the laws  of  2003,
are  relettered subsections (yyy) and (zzz) and a new subsection (xx) is
added to read as follows:
  (XX) TAX CREDIT FOR VICTIMS OF  FLOODING  IN  THE  FOLLOWING  COUNTIES
DURING  THE  PERIOD  FROM  JUNE  TWENTIETH, TWO THOUSAND THIRTEEN TO AND
INCLUDING AUGUST NINTH, TWO THOUSAND THIRTEEN: ONEIDA,  HERKIMER,  MADI-
SON,  MONTGOMERY,  TOMPKINS,  CORTLAND,  CHEMUNG, SCHUYLER, STEUBEN, AND
NIAGARA.
  (1) ALLOWANCE OF CREDIT. A QUALIFIED TAXPAYER SHALL BE ALLOWED A CRED-
IT FOR TAXABLE YEARS TWO THOUSAND THIRTEEN AND TWO THOUSAND FOURTEEN, TO
BE COMPUTED AS HEREINAFTER PROVIDED, AGAINST THE  TAX  IMPOSED  BY  THIS
ARTICLE.  FOR  PURPOSES OF THIS PARAGRAPH, THE TERM "QUALIFIED TAXPAYER"
MEANS A BUSINESS OR RESIDENT TAXPAYER.
  (2) AMOUNT OF CREDIT. (A) THE AMOUNT OF THE CREDIT SHALL BE  EQUAL  TO
THE AMOUNT OF SCHOOL TAXES PAID FOR THE TWO THOUSAND THIRTEEN--TWO THOU-
SAND  FOURTEEN SCHOOL YEAR AND THE AMOUNT OF ANY CITY, VILLAGE, TOWN AND
COUNTY TAXES PAID IN TAXABLE YEAR TWO THOUSAND FOURTEEN WITH RESPECT  TO
ANY  PROPERTY  WHICH  RECEIVED  SUBSTANTIAL DAMAGE AS A RESULT OF SEVERE
FLOODING DURING THE PERIOD OF JUNE TWENTIETH, TWO THOUSAND  THIRTEEN  TO
AUGUST NINTH, TWO THOUSAND THIRTEEN, INCLUSIVE.
  (B)  FOR  PURPOSES  OF  THIS SUBSECTION, THE TERM "SUBSTANTIAL DAMAGE"
MEANS DAMAGE OF ANY ORIGIN SUSTAINED BY A STRUCTURE WHEREBY THE COST  OF
RESTORING  THE  STRUCTURE TO ITS BEFORE DAMAGED CONDITION WOULD EQUAL OR

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11936-02-3

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