New York S 5451: Creates a personal income tax credit for taxpayers who pay an excess premium paid during the applicable tax year for flood insurance providing coverage on the taxpayer's primary residence

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S05451 Summary:

BILL NOS05451 

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SAME ASSAME AS A03373

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SPONSORCOMRIE

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COSPNSR

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MLTSPNSR

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Amd §606, Tax L

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Allows an individual taxpayer to claim a credit against their income tax for excess premium paid during the applicable tax year for flood insurance providing coverage on the taxpayer's primary residence; authorizes the commissioner of taxation and finance to promulgate any necessary rules and regulations.

Go to top S05451 Actions:

BILL NOS05451 

&nbsp

02/21/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS05451 Committee&nbspVotes:

Go to topS05451 Floor&nbspVotes:

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

Go to topS05451 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5451

 2025-2026 Regular Sessions

 IN SENATE

 February 21, 2025
 ___________

 Introduced by Sen. COMRIE -- 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 allowing an individual
 taxpayer to claim a credit against their income tax for excess premium
 paid during the applicable tax year for flood insurance providing
 coverage on the taxpayer's primary residence

 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 (qqq) to read as follows:
 3 (qqq) Flood insurance tax credit. (1) Allowance of credit. A taxpayer
 4 shall be allowed a credit, to be computed as provided in paragraph two
 5 of this subsection, against the tax imposed by this article for excess
 6 premium paid during the applicable tax year for flood insurance provid-
 7 ing coverage on the taxpayer's primary residence.
 8 (2) Amount of credit. The credit allowed pursuant to paragraph one of
 9 this subsection shall be in an amount equal to the excess premium paid
 10 by the taxpayer, the amount by which the premium paid exceeds five
 11 percent of the taxpayer's adjusted gross income. Such credit for any
 12 taxable year may not exceed one thousand two hundred fifty dollars.
 13 (3) Application of credit. If the amount of the credit allowed under
 14 this subsection for any taxable year shall exceed the taxpayer's tax for
 15 such year, the excess shall be treated as an overpayment of tax to be
 16 credited or refunded in accordance with the provisions of section six
 17 hundred eighty-six of this article, provided, however, that no interest
 18 shall be paid thereon or any unused credit may be carried forward for
 19 five succeeding taxable years.
 20 (4) Credit limitation. The aggregate amount of tax credits allowed
 21 pursuant to this subsection shall not exceed five million dollars in any
 22 taxable year.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06617-01-5

 S. 5451 2

 1 § 2. This act shall take effect immediately and shall apply to taxable
 2 years beginning on and after January 1, 2026. Effective immediately,
 3 the addition, amendment and/or repeal of any rule or regulation neces-
 4 sary for the implementation of this act on its effective date are
 5 authorized to be made and completed on or before such effective date.

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