Assembly Bill A4227

2015-2016 Legislative Session

Provides a tax credit for the installation of fire sprinkler systems

download bill text pdf

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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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2015-A4227 (ACTIVE) - Details

See Senate Version of this Bill:
S2587
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยงยง606 & 210-B, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: A7609, S5260
2017-2018: A3885, S3519
2019-2020: A4439, S5488
2021-2022: S3662
2023-2024: S1843

2015-A4227 (ACTIVE) - Summary

Provides a tax credit for the installation of fire sprinkler systems.

2015-A4227 (ACTIVE) - Bill Text download pdf 

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

                                  4227

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 29, 2015
                               ___________

Introduced  by  M. of A. DenDEKKER, ENGLEBRIGHT, CAHILL -- read once and
  referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to providing  tax  credits  for
  the installation of fire sprinkler systems

  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 (ccc) to read as follows:
  (CCC) FIRE SPRINKLER TAX CREDIT FOR RESIDENTIAL PROPERTIES. (1) ALLOW-
ANCE  OF CREDIT. A TAXPAYER WHO IS A RESIDENTIAL PROPERTY OWNER SHALL BE
ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER  PROVIDED,  AGAINST  THE
TAX  IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO
TWENTY-FIVE PERCENT OF THE COST OF THE LABOR  AND  MATERIALS  NEEDED  TO
INSTALL SPRINKLER SYSTEMS AS DEFINED BY SECTION ONE HUNDRED FIFTY-FIVE-A
OF  THE  EXECUTIVE  LAW,  BY  THE  RESIDENTIAL PROPERTY OWNER, PROVIDED,
HOWEVER, THAT THIS SUBSECTION SHALL APPLY ONLY TO RESIDENTIAL PROPERTIES
IN MUNICIPALITIES THAT DO NOT ALREADY REQUIRE FIRE SPRINKLER SYSTEMS  BE
INSTALLED.
  (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
SHALL BE PAID THEREON.
  S  2. Section 210-b of the tax law is amended by adding a new subdivi-
sion 49 to read as follows:
  49. FIRE SPRINKLER TAX CREDIT FOR RESIDENTIAL PROPERTIES.  (1)  ALLOW-
ANCE  OF CREDIT. A TAXPAYER WHO IS A RESIDENTIAL PROPERTY OWNER SHALL BE
ALLOWED A CREDIT, TO BE COMPUTER AS HEREINAFTER  PROVIDED,  AGAINST  THE
TAX  IMPOSED BY THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO
TWENTY-FIVE PERCENT OF THE COST OF THE LABOR  AND  MATERIALS  NEEDED  TO

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08009-01-5

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