Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 01, 2022 |
held for consideration in ways and means |
Jan 05, 2022 |
referred to ways and means |
Aug 25, 2021 |
referred to ways and means |
Assembly Bill A8206
2021-2022 Legislative Session
Sponsored By
LAWLER
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
co-Sponsors
Karl Brabenec
2021-A8206 (ACTIVE) - Details
- See Senate Version of this Bill:
- S7409
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Add §47, amd §§606 & 210-B, Tax L
2021-A8206 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8206 2021-2022 Regular Sessions I N A S S E M B L Y August 25, 2021 ___________ Introduced by M. of A. LAWLER -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing an alternative wiring tax credit 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 47 to read as follows: § 47. ALTERNATIVE WIRING TAX CREDIT. (A) ALLOWANCE OF CREDIT. AN INDI- VIDUAL TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE IF SUCH TAXPAYER REPLACES ANY ALUMINUM WIRING IN A RESI- DENCE OWNED BY SUCH TAXPAYER WITH AN ALTERNATIVE WIRING MATERIAL. (B) AMOUNT OF CREDIT. THE AMOUNT OF CREDIT, ALLOWABLE FOR UP TO FIVE CONSECUTIVE TAXABLE YEARS, SHALL BE THREE THOUSAND DOLLARS PER YEAR. A TAXPAYER MAY CLAIM SUCH CREDIT COMMENCING IN THE FIRST TAXABLE YEAR IN WHICH THE TAXPAYER INSTALLS SUCH ALTERNATIVE WIRING MATERIAL. (C) DEFINITIONS. FOR PURPOSES OF THIS SECTION, "ALTERNATIVE WIRING MATERIAL" SHALL MEAN ANY CONDUCTIVE MATERIAL WITH A LOWER ELECTRICAL RESISTANCE AND LOWER THERMAL EXPANSION COEFFICIENT THAN ALUMINUM. (D) CROSS REFERENCES. FOR APPLICATION OF THE CREDIT PROVIDED FOR IN THIS SECTION, SEE THE FOLLOWING PROVISION OF THIS CHAPTER: ARTICLE 22: SECTION 606: SUBSECTION (NNN). § 2. Section 606 of the tax law is amended by adding a new subsection (nnn) to read as follows: (NNN) ALTERNATIVE WIRING TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION FORTY-SEVEN OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE. (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR THE TAXABLE YEAR EXCEEDS THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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