New York S 3411: Creates a recovery living task force

Bill Text

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S03411 Summary:

BILL NOS03411 

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SAME ASSAME AS A04020

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SPONSORCOMRIE

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COSPNSRADDABBO, BAILEY, FAHY, HOYLMAN-SIGAL, MYRIE, PERSAUD, RHOADS, SEPULVEDA

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MLTSPNSR

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Amd §§606 & 210-B, Tax L

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

Go to top S03411 Actions:

BILL NOS03411 

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01/27/2025REFERRED TO BUDGET AND REVENUE

05/28/2025REPORTED AND COMMITTED TO FINANCE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS03411 Committee&nbspVotes:

Go to topS03411 Floor&nbspVotes:

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

Go to topS03411 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3411

 2025-2026 Regular Sessions

 IN SENATE

 January 27, 2025
 ___________

 Introduced by Sens. COMRIE, ADDABBO, BAILEY, HOYLMAN-SIGAL, MYRIE,
 PERSAUD, SEPULVEDA -- 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 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:

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

 S. 3411 2

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