Assembly Bill A2295

2023-2024 Legislative Session

Creates a disabled person retrofit tax credit

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Current 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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2023-A2295 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2015-2016: A6243
2017-2018: A5333
2019-2020: A7226
2021-2022: A5874

2023-A2295 (ACTIVE) - Summary

Creates a disabled person retrofit tax credit.

2023-A2295 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2295
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 25, 2023
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to amend the tax law, in relation to creating a disabled person
   retrofit tax credit
 
   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 (ooo) to read as follows:
   (OOO) DISABLED PERSON RETROFIT  TAX  CREDIT.  (1)  FOR  TAXABLE  YEARS
 BEGINNING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FOUR, A TAXPAY-
 ER  WHO  HAS  A  DISABILITY 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 THIRTY PERCENT OF THE COST OF THE
 EXPENDITURES  MADE  BY  THE TAXPAYER WITH RESPECT TO THE INSTALLATION OF
 QUALIFIED IMPROVEMENTS AT A DWELLING OCCUPIED BY THE TAXPAYER AS HIS  OR
 HER  DOMICILE  AND  MAY  BE  ALLOWED  IN THE FOLLOWING YEAR IN WHICH THE
 EXPENDITURE IS INCURRED; PROVIDED THAT  THE  LIFETIME  CREDIT  ALLOWABLE
 WITH  REGARD  TO EXPENDITURES FOR THE INSTALLATION OF QUALIFIED IMPROVE-
 MENTS AT A PARTICULAR DWELLING BY ANY TAXPAYER  SHALL  NOT  EXCEED  FIVE
 THOUSAND  DOLLARS  IN THE AGGREGATE FOR IMPROVEMENTS MADE TO THAT DWELL-
 ING. SUBJECT TO THE PROVISIONS OF THIS SUBSECTION, A TAXPAYER  SHALL  BE
 ALLOWED  A CREDIT, NOT TO EXCEED FIVE THOUSAND DOLLARS IN THE AGGREGATE,
 FOR EACH DWELLING THAT THE TAXPAYER OCCUPIES AS HIS OR HER DOMICILE  AND
 AT WHICH THE TAXPAYER INSTALLS QUALIFIED IMPROVEMENTS.
   (2) AS USED IN THIS SUBSECTION "DISABILITY" MEANS:
   (A)  A  PHYSICAL,  MENTAL OR MEDICAL IMPAIRMENT RESULTING FROM ANATOM-
 ICAL, PHYSIOLOGICAL, GENETIC OR NEUROLOGICAL CONDITIONS  WHICH  PREVENTS
 THE EXERCISE OF A NORMAL BODILY FUNCTION OR IS DEMONSTRABLE BY MEDICALLY
 ACCEPTED CLINICAL OR LABORATORY DIAGNOSTIC TECHNIQUES;
   (B) A RECORD OF SUCH AN IMPAIRMENT; OR
   (C) A CONDITION REGARDED BY OTHERS AS SUCH AN IMPAIRMENT.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00477-01-3
              

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