Senate Bill S6556

2023-2024 Legislative Session

Establishes a credit for the purchase and installation of a security alarm system

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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-S6556 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

2023-S6556 (ACTIVE) - Summary

Establishes a credit for the purchase and installation of a security alarm system equal to two hundred fifty dollars.

2023-S6556 (ACTIVE) - Sponsor Memo

2023-S6556 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6556
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              April 26, 2023
                                ___________
 
 Introduced  by  Sen.  FELDER -- 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  credit  for
   the purchase and installation of a security alarm system
 
   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)  CREDIT FOR INSTALLATION OF A HOME SECURITY SYSTEM. (1) GENERAL.
 AN INDIVIDUAL TAXPAYER SHALL BE ALLOWED A ONE-TIME  CREDIT  FOR  TAXABLE
 YEARS  BEGINNING  ON  OR  AFTER  JANUARY FIRST, TWO THOUSAND TWENTY-FOUR
 AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE  COST  TO  PURCHASE  AND
 INSTALL  A  SECURITY  ALARM  SYSTEM ON RESIDENTIAL PROPERTY EQUAL TO TWO
 HUNDRED FIFTY DOLLARS.
   (2) DEFINITION. FOR THE PURPOSE OF THIS  SUBSECTION,  "SECURITY  ALARM
 SYSTEM"  SHALL  MEAN  AN  ASSEMBLY  OF EQUIPMENT AND DEVICES OR A SINGLE
 DEVICE, INCLUDING BUT NOT LIMITED TO A SECURITY FENCE, A SECURITY  ALARM
 SYSTEM AND/OR A SECURITY SURVEILLANCE SYSTEM DESIGNATED TO DETECT AND/OR
 SIGNAL  AN UNAUTHORIZED INTRUSION INTO RESIDENTIAL PROPERTY OR TO SIGNAL
 AN ATTEMPTED ROBBERY, BURGLARY, THEFT, PILFERAGE  OR  OTHER  LOSS  AT  A
 PROTECTED  RESIDENTIAL PROPERTY, AND WITH RESPECT TO SUCH SIGNAL, POLICE
 OFFICERS ARE EXPECTED TO RESPOND, WHICH MAY BE INSTALLED,  SERVICED  AND
 MAINTAINED BY A PERSON LICENSED TO ENGAGE IN SUCH ACTIVITIES PURSUANT TO
 ARTICLE SIX-D OF THE GENERAL BUSINESS LAW.
   (3)  ELIGIBILITY.  TO  QUALIFY  FOR  THE  CREDIT  PRESCRIBED  IN  THIS
 SUBSECTION, AN INDIVIDUAL TAXPAYER SHALL PROVIDE PROOF OF  PURCHASE  AND
 INSTALLATION IN THE FORM OF A RECEIPT.
   (4)  WHEN  CREDIT  ALLOWED. THE CREDIT PROVIDED FOR IN THIS SUBSECTION
 SHALL BE ALLOWED WITH RESPECT TO  THE  TAXABLE  YEAR,  COMMENCING  AFTER
 JANUARY  FIRST,  TWO  THOUSAND  TWENTY-FOUR, IN WHICH THE SECURITY ALARM
 SYSTEM IS PURCHASED.
   § 2. This act shall take effect immediately and apply to taxable years
 on and after January 1, 2024.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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