New York A 4020: Provides a tax credit for the installation of certain fire sprinkler systems

Bill Text

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A04020 Summary:

BILL NOA04020 

&nbsp

SAME ASSAME AS S03411

&nbsp

SPONSORBerger

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§606 & 210-B, Tax L

&nbsp

Provides a tax credit for the installation of fire sprinkler systems for residential properties.

Go to top A04020 Actions:

BILL NOA04020 

&nbsp

01/30/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA04020 Committee&nbspVotes:

Go to topA04020 Floor&nbspVotes:

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

Go to topA04020 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4020

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 30, 2025
 ___________

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

 AN ACT to amend the tax law, in relation to providing tax credits for
 the installation of fire sprinkler systems

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

 1 Section 1. Section 606 of the tax law is amended by adding a new
 2 subsection (bbb) to read as follows:
 3 (bbb) Fire sprinkler tax credit for residential properties. (1) Allow-
 4 ance of credit. A taxpayer who is a residential property owner shall be
 5 allowed a credit, to be computed as hereinafter provided, against the
 6 tax imposed by this article. The amount of the credit shall be equal to
 7 twenty-five percent of the cost of the labor and materials needed to
 8 install sprinkler systems as defined by section one hundred fifty-five-a
 9 of the executive law, by the residential property owner, provided,
 10 however, that this subsection shall apply only to residential properties
 11 in municipalities that do not already require fire sprinkler systems be
 12 installed.
 13 (2) Credit limitation. The amount of the credit that may be claimed by
 14 a taxpayer pursuant to this subsection shall not exceed five thousand
 15 dollars in any given year.
 16 (3) Application of credit. If the amount of the credit allowed under
 17 this subsection for any taxable year shall exceed the taxpayer's tax for
 18 such year, the excess shall be treated as an overpayment of tax to be
 19 credited or refunded in accordance with the provisions of section six
 20 hundred eighty-six of this article, provided, however, that no interest
 21 shall be paid thereon.
 22 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
 23 sion 61 to read as follows:
 24 61. Fire sprinkler tax credit for residential properties. (1) Allow-
 25 ance of credit. A taxpayer who is a residential property owner shall be

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05159-01-5

 A. 4020 2

 1 allowed a credit, to be computed as hereinafter provided, against the
 2 tax imposed by this article. The amount of the credit shall be equal to
 3 twenty-five percent of the cost of the labor and materials needed to
 4 install sprinkler systems as defined by section one hundred fifty-five-a
 5 of the executive law, by the residential property owner, provided,
 6 however, that this subdivision shall apply only to residential proper-
 7 ties in municipalities that do not already require fire sprinkler
 8 systems be installed.
 9 (2) Credit limitation. The amount of the credit that may be claimed by
 10 a taxpayer pursuant to this subdivision shall not exceed five thousand
 11 dollars in any given year.
 12 (3) Application of credit. The credit allowed under this subdivision
 13 for any taxable year shall not reduce the tax due for such year to less
 14 than the fixed dollar minimum amount prescribed in paragraph (d) of
 15 subdivision one of section two hundred ten of this chapter. However, if
 16 the amount of credits allowed under this subdivision for any taxable
 17 year reduces the tax to such amount or if the taxpayer otherwise pays
 18 tax based on the fixed dollar minimum amount, any amount of credit thus
 19 not deductible in such taxable year shall be treated as an overpayment
 20 of tax to be credited or refunded in accordance with the provisions of
 21 section one thousand eighty-six of this chapter. Provided, however, the
 22 provisions of subsection (c) of section one thousand eighty-eight of
 23 this chap