New York A 406: Establishes a tax credit for the purchase and installation of a security camera system on residential- and commercial-owned properties

Bill Text

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A00406 Summary:

BILL NOA00406 

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SAME ASNo Same As

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SPONSOREichenstein

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COSPNSR

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MLTSPNSR

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Add §§50 & 187-s, amd §§606, 210-B & 1511, Tax L

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Establishes a $500 tax credit for the purchase and installation of a security camera system on residential- and commercial-owned properties in a city having a population of one million or more persons.

Go to top A00406 Actions:

BILL NOA00406 

&nbsp

01/08/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA00406 Committee&nbspVotes:

Go to topA00406 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA00406 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 406

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. EICHENSTEIN -- read once and referred to the
 Committee on Ways and Means

 AN ACT to amend the tax law, in relation to establishment of a credit
 for the purchase and installation of a security camera system on resi-
 dential- and commercial-owned properties in cities having a population
 of one million or more persons

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The tax law is amended by adding a new section 50 to read
 2 as follows:
 3 § 50. Credit for purchase and installation of a security camera system
 4 on property located in a city having a population of one million or more
 5 persons. (a) Allowance of credit. A property owner who is subject to
 6 tax under article nine, nine-A, twenty-two or thirty-three of this chap-
 7 ter, shall be allowed a one-time credit against such tax for the
 8 purchase and installation of a qualified security camera system on a
 9 property located in a city having a population of one million or more
 10 persons. The amount of such credit shall be five hundred dollars. The
 11 credit shall be allowable for owners of residential or commercial prop-
 12 erties and for property owners incorporated pursuant to the terms of the
 13 not-for-profit corporation law. A property owner claiming a credit
 14 against tax as provided in this section may claim it against tax owed
 15 under only one article of this chapter.
 16 (b) Definitions. The term "qualified security camera system" means
 17 expenditures for the purchase of a camera system, materials and labor
 18 costs properly allocable to on-site preparation, assembly and original
 19 installation. Such camera system shall be capable of recording and stor-
 20 ing camera footage for up to forty-eight hours.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01623-01-5

 A. 406 2

 1 (c) When credit allowed. The credit provided for herein shall be
 2 allowed with respect to the taxable year commencing in which the securi-
 3 ty camera system is installed.
 4 (d) Carryover of credit. If the amount of the credit, and carryovers
 5 of such credit, allowable under this section for any taxable year shall
 6 exceed the taxpayer's tax for such year, such excess amount may be
 7 carried over to the five taxable years next following the taxable year
 8 with respect to which the credit is allowed and may be deducted from the
 9 taxpayer's tax for such year or years.
 10 § 2. Section 606 of the tax law is amended by adding a new subsection
 11 (w) to read as follows:
 12 (w) Credit for purchase and installation of a security camera system
 13 on residential property located in a city having a population of one
 14 million or more persons. (1) Allowance of credit. A taxpayer who is a
 15 homeowner shall be allowed a one-time credit for purchase and installa-
 16 tion of a security camera system on a residential property owned by such
 17 taxpayer and located in a city having a population of one million or
 18 more persons, to be computed as provided in section fifty of this chap-
 19 ter, against the tax imposed by this article.
 20 (2) Carryover of credit. If the amount of the credit, and carryovers
 21 of such credit, allowable under this subsection for any taxable year
 22 shall exceed the taxpayer's tax for such year, such excess amount may be
 23 carried over to the five taxable ye