Senate Bill S4651A

2023-2024 Legislative Session

Establishes a sump pump tax credit

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Current Bill Status - Stricken


  • 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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Bill Amendments

2023-S4651 - Details

See Assembly Version of this Bill:
A9275
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S7179
2019-2020: S5218
2021-2022: S3902

2023-S4651 - Summary

Establishes a sump pump installation and replacement tax credit for homeowners who use the home as their principal residence and who have an income of less than $250,000.

2023-S4651 - Sponsor Memo

2023-S4651 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4651
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 13, 2023
                                ___________
 
 Introduced  by  Sen. KENNEDY -- 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, in relation to  establishing  a  sump  pump
   installation and replacement 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)  SUMP  PUMP INSTALLATION AND REPLACEMENT CREDIT. (1) GENERAL. AN
 INDIVIDUAL TAXPAYER SHALL BE ALLOWED A CREDIT FOR TAXABLE  YEARS  BEGIN-
 NING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FIVE AGAINST THE TAX
 IMPOSED BY THIS ARTICLE FOR THE COSTS FOR REPLACEMENT, REPAIR OR INSTAL-
 LATION OF A SUMP PUMP, WHEN SUCH REPAIR, REPLACEMENT, OR INSTALLATION IS
 RECOMMENDED  BY  A  CERTIFIED PLUMBER OR MUNICIPALITY. THE AMOUNT OF THE
 CREDIT SHALL BE FIFTY PERCENT OF THE TOTAL COST OF REPLACEMENT,  REPAIR,
 OR INSTALLATION.
   (2) SUMP PUMP REPLACEMENT, REPAIR AND INSTALLATION COSTS. (A) THE TERM
 "COSTS  OF  REPLACEMENT, REPAIR OR INSTALLATION" INCLUDES THE COST OF AN
 ASSESSMENT FROM A PLUMBER, ANY  INITIAL  APPRAISALS,  LABOR  COSTS,  ANY
 DISPOSAL FEES, AND ANY CLEANUP FEES; EXCEPT ANY STATE OR LOCAL SALES TAX
 APPLICABLE  TO  THE  SERVICES  PERFORMED. (B) THE TERM "COSTS OF REPAIR"
 INCLUDES  THE  COST  OF  AN  ASSESSMENT  FROM  A  PLUMBER,  ANY  INITIAL
 APPRAISALS,  LABOR  COSTS, ANY DISPOSAL FEES, AND FOLLOW-UP FEES; EXCEPT
 ANY STATE OR LOCAL SALES TAX APPLICABLE TO THE SERVICES.
   (3) AMOUNT OF CREDIT. THE AGGREGATE  AMOUNT  OF  TAX  CREDITS  ALLOWED
 UNDER  THIS  SUBSECTION  IN  ANY  CALENDAR  YEAR STATEWIDE SHALL BE FIVE
 MILLION DOLLARS.
   (4) INSTALLATION AND REPAIR FOR QUALIFIED TAXPAYERS. A PROPERTY  OWNER
 WHO  INCURS COSTS FOR REPAIR OR REPLACEMENT OF A SUMP PUMP MUST BE DOING
 SO ON A RESIDENTIAL OR MIXED USE PROPERTY WHICH IS:
   (A) LOCATED IN THE STATE;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07409-01-3
              

2023-S4651A (ACTIVE) - Details

See Assembly Version of this Bill:
A9275
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S7179
2019-2020: S5218
2021-2022: S3902

2023-S4651A (ACTIVE) - Summary

Establishes a sump pump installation and replacement tax credit for homeowners who use the home as their principal residence and who have an income of less than $250,000.

2023-S4651A (ACTIVE) - Sponsor Memo

2023-S4651A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4651--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 13, 2023
                                ___________
 
 Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
   printed to be committed to the Committee  on  Budget  and  Revenue  --
   recommitted  to the Committee on Budget and Revenue in accordance with
   Senate Rule 6, sec. 8 -- committee discharged, bill  amended,  ordered
   reprinted as amended and recommitted to said committee

 AN  ACT  to  amend  the tax law, in relation to establishing a sump pump
   installation and replacement 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 (ppp) to read as follows:
   (PPP) SUMP PUMP INSTALLATION AND REPLACEMENT CREDIT. (1)  GENERAL.  AN
 INDIVIDUAL  TAXPAYER  SHALL BE ALLOWED A CREDIT FOR TAXABLE YEARS BEGIN-
 NING ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-FIVE AGAINST THE TAX
 IMPOSED BY THIS ARTICLE FOR THE COSTS FOR REPLACEMENT, REPAIR OR INSTAL-
 LATION OF A SUMP PUMP, WHEN SUCH REPAIR, REPLACEMENT, OR INSTALLATION IS
 RECOMMENDED BY A CERTIFIED PLUMBER OR MUNICIPALITY. THE  AMOUNT  OF  THE
 CREDIT  SHALL BE FIFTY PERCENT OF THE TOTAL COST OF REPLACEMENT, REPAIR,
 OR INSTALLATION.
   (2) SUMP PUMP REPLACEMENT, REPAIR AND INSTALLATION COSTS. (A) THE TERM
 "COSTS OF REPLACEMENT, REPAIR OR INSTALLATION" INCLUDES THE COST  OF  AN
 ASSESSMENT  FROM  A  PLUMBER,  ANY  INITIAL APPRAISALS, LABOR COSTS, ANY
 DISPOSAL FEES, AND ANY CLEANUP FEES; EXCEPT ANY STATE OR LOCAL SALES TAX
 APPLICABLE TO THE SERVICES PERFORMED. (B) THE  TERM  "COSTS  OF  REPAIR"
 INCLUDES  THE  COST  OF  AN  ASSESSMENT  FROM  A  PLUMBER,  ANY  INITIAL
 APPRAISALS, LABOR COSTS, ANY DISPOSAL FEES, AND FOLLOW-UP  FEES;  EXCEPT
 ANY STATE OR LOCAL SALES TAX APPLICABLE TO THE SERVICES.
   (3)  AMOUNT  OF  CREDIT.  THE  AGGREGATE AMOUNT OF TAX CREDITS ALLOWED
 UNDER THIS SUBSECTION IN ANY  CALENDAR  YEAR  STATEWIDE  SHALL  BE  FIVE
 MILLION DOLLARS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07409-02-4
 S. 4651--A                          2
              

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