New York A 8164: Requires the division of housing and community renewal to calculate the period of rent reduction due to diminution of services from the date of actual diminution of the services

Bill Text

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A08164 Summary:

BILL NOA08164 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORGonzalez-Rojas

&nbsp

COSPNSRColton, Tapia, De Los Santos, Jacobson, Seawright, Simon, Anderson

&nbsp

MLTSPNSR

&nbsp

Amd §§606 & 210-B, Tax L

&nbsp

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

Go to top A08164 Actions:

BILL NOA08164 

&nbsp

05/02/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA08164 Committee&nbspVotes:

Go to topA08164 Floor&nbspVotes:

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

Go to topA08164 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8164

 2025-2026 Regular Sessions

 IN ASSEMBLY

 May 2, 2025
 ___________

 Introduced by M. of A. GONZALEZ-ROJAS, COLTON, TAPIA, DE LOS SANTOS,
 JACOBSON, SEAWRIGHT, SIMON, ANDERSON -- 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 (qqq) to read as follows:
 3 (qqq) 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) 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.
 19 § 2. Section 210-B of the tax law is amended by adding a new subdivi-
 20 sion 61 to read as follows:
 21 61. Fire sprinkler tax credit for residential properties. (1) Allow-
 22 ance of credit. A taxpayer who is a residential property owner shall be
 23 allowed a credit, to be computed as hereinafter provided, against the
 24 tax imposed by this article. The amount of the credit shall be equal to

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05159-02-5

 A. 8164 2

 1 twenty-five percent of the cost of the labor and materials needed to
 2 install sprinkler systems as defined by section one hundred fifty-five-a
 3 of the executive law, by the residential property owner, provided,
 4 however, that this subdivision shall apply only to residential proper-
 5 ties in municipalities that do not already require fire sprinkler
 6 systems be installed.
 7 (2) Application of credit. If the amount of the credit allowed under
 8 this subdivision for any taxable year shall exceed the taxpayer's tax
 9 for such year, the excess shall be treated as an overpayment of tax to
 10 be credited or refunded in accordance with the provisions of section six
 11 hundred eighty-six of this chapter, provided, however, that no interest
 12 shall be paid thereon.
 13 § 3. This act shall take effect immediately.

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