S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6961
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 9, 2023
                                ___________
 
 Introduced by M. of A. TAPIA, DE LOS SANTOS -- read once and referred to
   the Committee on Ways and Means
 
 AN  ACT  to  amend the tax law, in relation to establishing the building
   and fire code adherence 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) BUILDING AND FIRE CODE ADHERENCE TAX CREDIT.  (1)  ALLOWANCE  OF
 CREDIT.  A  TAXPAYER  WHO  IS A RESIDENTIAL OR COMMERCIAL 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 THE COST OF THE LABOR AND MATERIALS NEEDED TO BRING A  PROP-
 ERTY  TO CODE BY THE PROPERTY OWNER TO ADHERE TO THE MOST CURRENT APPLI-
 CABLE BUILDING AND FIRE CODES.
   (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.
   § 2. Section 210-B of the tax law is amended by adding a new  subdivi-
 sion 59 to read as follows:
   59.  BUILDING  AND  FIRE  CODE  ADHERENCE TAX CREDIT. (1) ALLOWANCE OF
 CREDIT.  A TAXPAYER WHO IS A RESIDENTIAL OR  COMMERCIAL  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 THE COST OF THE LABOR AND MATERIALS NEEDED TO BRING A PROP-
 ERTY TO CODE BY THE PROPERTY OWNER TO ADHERE TO THE MOST CURRENT  APPLI-
 CABLE BUILDING AND FIRE CODES.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09851-01-3
 A. 6961                             2
              

 
   (2)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
 THIS SUBDIVISION 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 CHAPTER, PROVIDED, HOWEVER, THAT NO INTEREST
 SHALL BE PAID THEREON.
   § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of the tax law is amended by adding a new clause (l) to read as follows:
 (L) BUILDING AND FIRE CODE           AMOUNT OF CREDIT UNDER
 ADHERENCE TAX CREDIT UNDER           SUBDIVISION FIFTY-NINE OF
 SUBSECTION (OOO)                     SECTION TWO HUNDRED TEN-B
   § 4. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2023.