Senate Bill S1615

2023-2024 Legislative Session

Enacts the residential structure fire prevention act of 2023

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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-S1615 (ACTIVE) - Details

See Assembly Version of this Bill:
A2805
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L; amd §2346, Ins L; add §170-g, Exec L
Versions Introduced in Other Legislative Sessions:
2019-2020: S7294, A10131
2021-2022: S2921, A6115

2023-S1615 (ACTIVE) - Summary

Enacts the residential structure fire prevention act; 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.

2023-S1615 (ACTIVE) - Sponsor Memo

2023-S1615 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1615
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 13, 2023
                                ___________
 
 Introduced  by  Sen. ADDABBO -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 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
   2023

   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 2023".
   §  2. Section 606 of the tax law is amended by adding a new subsection
 (ooo) to read as follows:
   (OOO) 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04220-01-3

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