Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 12, 2020 |
referred to ways and means |
Assembly Bill A10131
2019-2020 Legislative Session
Sponsored By
LENTOL
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
2019-A10131 (ACTIVE) - Details
2019-A10131 (ACTIVE) - Summary
Enacts the residential structure fire prevention act of 2020; provides a tax credit to homeowners who remove cock loft fire hazards in their homes; provides an insurance discount for the installation of smoke detecting alarm devices in cock lofts; provides that the repair of cock lofts for the purpose of fire prevention and safety shall be qualifying expenditures under state housing programs.
2019-A10131 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10131 I N A S S E M B L Y March 12, 2020 ___________ Introduced by M. of A. LENTOL -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, the insurance law and the executive law, in relation to enacting the residential structure fire prevention act of 2020 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "residen- tial structure fire prevention act of 2020". § 2. Section 606 of the tax law is amended by adding a new subsection (kkk) to read as follows: (KKK) CREDIT FOR REMOVING CERTAIN FIRE HAZARDS. (1) ANY RESIDENT OWNER OF REAL PROPERTY AS DEFINED IN SECTION ONE HUNDRED TWO OF THE REAL PROPERTY TAX LAW SHALL BE ALLOWED A CREDIT AGAINST THE TAX OTHERWISE IMPOSED UNDER THIS ARTICLE IN AN AMOUNT EQUAL TO TWENTY-FIVE PERCENT OF THE COST OF REMOVING FIRE HAZARDS COMMONLY KNOWN AS COCK LOFTS, PROVIDED THAT SUCH CREDIT SHALL NOT EXCEED FIVE THOUSAND DOLLARS. FOR PURPOSES OF THIS SECTION THE TERM "COCK LOFT" SHALL MEAN A COMPLETELY ENCLOSED SPACE BETWEEN RAFTERS AND A SUSPENDED CEILING. (2) 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. § 3. Section 2346 of the insurance law is amended by adding a new subsection 6 to read as follows: 6. THE SUPERINTENDENT SHALL PROVIDE FOR AN ACTUARIALLY APPROPRIATE REDUCTION IN THE RATES OF FIRE INSURANCE PREMIUMS OR THE FIRE INSURANCE COMPONENT OF HOMEOWNERS INSURANCE PREMIUMS APPLICABLE TO RESIDENTIAL REAL PROPERTY EQUIPPED WITH SMOKE DETECTING ALARM DEVICES IN COCK LOFTS. THE SUPERINTENDENT SHALL BY REGULATION ESTABLISH STANDARDS FOR SMOKE DETECTING ALARM DEVICES IN COCK LOFTS, INCLUDING THE SAFE AND SECURE INSTALLATION THEREOF. FOR THE PURPOSES OF THIS SUBSECTION, "COCK LOFT" EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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