New York A 5930: Relates to qualification for and establishment of a building construction, demolition and repair work insurance credit

Bill Text

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A05930 Summary:

BILL NOA05930 

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SAME ASNo Same As

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SPONSORFitzpatrick

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COSPNSR

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MLTSPNSR

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Add §3463, Ins L; add §§23-a & 187-s, amd §§210-B & 606, Tax L

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Authorizes a building construction, demolition and repair work insurance tax credit for certain qualifying insurance premium payments for personal injury liability insurance and property damage liability insurance.

Go to top A05930 Actions:

BILL NOA05930 

&nbsp

02/25/2025referred to insurance

01/07/2026referred to insurance

Go to topA05930 Committee&nbspVotes:

Go to topA05930 Floor&nbspVotes:

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

Go to topA05930 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5930

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 25, 2025
 ___________

 Introduced by M. of A. FITZPATRICK -- read once and referred to the
 Committee on Insurance

 AN ACT to amend the insurance law and the tax law, in relation to quali-
 fication for and establishment of a building construction, demolition
 and repair work insurance credit

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

 1 Section 1. The insurance law is amended by adding a new section 3463
 2 to read as follows:
 3 § 3463. Qualification of building construction, demolition and repair
 4 work insurance for tax credit.
 5 (a) The superintendent of financial services is hereby authorized to
 6 promulgate regulations relating to the certification of policies of
 7 insurance which qualify for certain work under sections two hundred
 8 forty and two hundred forty-one of the labor law, provided for under
 9 section twenty-three-a of the tax law. Such tax credit shall only apply
 10 against a portion of the premium paid for coverage under subsection (b)
 11 of this section as determined by the superintendent.
 12 (b) In order to qualify for the building construction, demolition and
 13 repair work credit provided under section twenty-three-a of the tax law,
 14 insurance shall be personal injury liability insurance or property
 15 damage liability insurance, as such terms are defined by section one
 16 thousand one hundred thirteen of this chapter, and shall contain cover-
 17 age for claims including third party claims for construction site bodily
 18 injury and property damage resulting from the application of
 19 construction workers injured from an elevation risk while performing
 20 work covered under section two hundred forty or two hundred forty-one of
 21 the labor law, or substantially similar coverage.
 22 (c) The tax credit for building construction, demolition and repair
 23 work insurance under section twenty-three-a of the tax law shall be
 24 limited to any contractor performing work involving the erection, demo-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09010-01-5

 A. 5930 2

 1 lition, repairing, altering, painting, cleaning or pointing of a build-
 2 ing or structure provided such contractor obtains a certificate of
 3 completion from a training program on work and job site safety training
 4 which shall include proper planning, supervision, training and use of
 5 fall protection. Such training program shall be approved by the commis-
 6 sioner. A list of approved programs shall be made available to such
 7 contractors. The commissioner shall promulgate rules and regulations
 8 setting forth the criteria for approval of such programs, the procedures
 9 to be followed in applying for such approval and any other rules or
 10 regulations as shall be necessary and proper to effectuate the purposes
 11 of this section. The certificate of completion shall be valid for a
 12 period of two years.
 13 § 2. The tax law is amended by adding a new section 23-a to read as
 14 follows:
 15 § 23-a. Building construction, demolition and repair work insurance
 16 credit.
 17 (a) Allowance of credit; general. A taxpayer subject to tax under
 18 article nine, nine-A or twenty-two of this chapter shall be allowed a
 19 credit against such tax, pursuant to the provisions referenced in subdi-
 20 vision (b) of this section. The amount of such credit shall be equal to
 21 the lesser o