Senate Bill S5303

2023-2024 Legislative Session

Establishes the building and fire code adherence tax credit

download bill text pdf

Sponsored By

Archive: Last 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2023-S5303 (ACTIVE) - Details

See Assembly Version of this Bill:
A6961
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§606 & 210-B, Tax L
Versions Introduced in Other Legislative Sessions:
2021-2022: A9056
2025-2026: A1243

2023-S5303 (ACTIVE) - Summary

Establishes the building and fire code adherence tax credit which provides a tax credit to property owners who spend money to update a property to adhere to current applicable building and fire codes.

2023-S5303 (ACTIVE) - Sponsor Memo

2023-S5303 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5303
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 1, 2023
                                ___________
 
 Introduced by Sen. FERNANDEZ -- 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 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
 S. 5303                             2

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.