New York S 4026: Creates a disabled person retrofit tax credit

Bill Text

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S04026 Summary:

BILL NOS04026 

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SAME ASNo Same As

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Amd §606, Tax L

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Creates a disabled person retrofit tax credit; provides a tax credit that is equal to thirty percent of the cost of expenditures, up to $5,000 for making qualified improvements.

Go to top S04026 Actions:

BILL NOS04026 

&nbsp

01/31/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS04026 Committee&nbspVotes:

Go to topS04026 Floor&nbspVotes:

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

Go to topS04026 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4026

 2025-2026 Regular Sessions

 IN SENATE

 January 31, 2025
 ___________

 Introduced by Sen. PARKER -- 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 creating a disabled person
 retrofit tax credit

 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) Disabled person retrofit tax credit. (1) For taxable years
 4 beginning on or after January first, two thousand twenty-six, a taxpayer
 5 shall be allowed a credit, to be computed as hereinafter provided,
 6 against the tax imposed by this article. The amount of the credit shall
 7 be equal to thirty percent of the cost of the expenditures made by the
 8 taxpayer with respect to the installation of qualified improvements at a
 9 dwelling occupied by the taxpayer as their primary residence and may be
 10 allowed in the taxable year in which the expenditure is incurred;
 11 provided that the lifetime credit allowable with regard to expenditures
 12 for the installation of qualified improvements at a particular dwelling
 13 by any taxpayer shall not exceed five thousand dollars in the aggregate
 14 for improvements made to that dwelling. Subject to the provisions of
 15 this subsection, a taxpayer shall be allowed a credit, not to exceed
 16 five thousand dollars in the aggregate, for each dwelling that the
 17 taxpayer occupies as their primary residence and at which the taxpayer
 18 installs qualified improvements.
 19 (2) As used in this subsection "qualified improvements" means the
 20 installation of:
 21 (A) a no-step entrance or entrances allowing access into the resi-
 22 dence;
 23 (B) interior passage doors providing at least a thirty-two inch wide
 24 opening;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07618-01-5

 S. 4026 2

 1 (C) reinforcements in bathroom walls allowing installation of grab
 2 bars around the toilet, tub and shower; and
 3 (D) light switches and outlets placed in locations accessible to disa-
 4 bled persons.
 5 (3) If the amount of credit allowable under this subsection shall
 6 exceed the taxpayer's tax for such year, the excess may be carried over
 7 to the following year or years and may be deducted from the taxpayer's
 8 tax for such year or years.
 9 (4) (A) The provisions of this subsection shall not apply to any
 10 dwelling owned solely for commercial purposes. In the case of a building
 11 where less than the entire building is used as a residence of the
 12 taxpayer, only the portion of the total expenditures made in the build-
 13 ing that is attributable to the residence of the taxpayer shall be
 14 treated as qualified expenditures for the purposes of this subsection.
 15 (B) If the taxpayer occupies the dwelling as their primary residence
 16 for only a portion of a tax year in which a credit under this subsection
 17 is claimed, the amount of the allowable credit shall be reduced in
 18 proportion to the amount of time the taxpayer did not occupy the dwell-
 19 ing as their primary residence.
 20 (C) In the case of a dwelling that is owned by and is a residence of
 21 two or more persons, other than a spouse, the portion of the total
 22 expenditures made in the rehabilitation of the building that is attrib-
 23 utable to each taxpayer shall be equal to the taxpayer's share of owner-
 24 ship in such building.
 25 (5) The taxpayer shal