New York A 1850: Establishes a tax credit for personal property replacement as a result of bedbug infestation

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A01850 Summary:

BILL NOA01850 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORRosenthal (MS)

&nbsp

COSPNSRColton, Zinerman

&nbsp

MLTSPNSRGlick

&nbsp

Amd §606, Tax L

&nbsp

Establishes a tax credit for personal property replacement as a result of bedbug infestation; credit of 15% not to exceed $750; certification determined by commissioner.

Go to top A01850 Actions:

BILL NOA01850 

&nbsp

01/14/2025referred to ways and means

01/07/2026referred to ways and means

Go to topA01850 Committee&nbspVotes:

Go to topA01850 Floor&nbspVotes:

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

Go to topA01850 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1850

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

 Introduced by M. of A. ROSENTHAL, COLTON, ZINERMAN -- Multi-Sponsored by
 -- M. of A. GLICK -- read once and referred to the Committee on Ways
 and Means

 AN ACT to amend the tax law, in relation to establishing a tax credit
 for personal property replacement as a result of bedbug infestation

 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) Personal property replacement credit. (1) General. An individual
 4 taxpayer shall be allowed a credit against the tax imposed by this arti-
 5 cle equal to fifteen percent of qualified personal property replacement
 6 expenditures, and not to exceed seven hundred fifty dollars.
 7 (2) Qualified personal property replacement expenditures. (A) The term
 8 "qualified personal property replacement expenditures" means expendi-
 9 tures made for the replacement of personal property due to bedbug
 10 damage.
 11 (B) Such qualified expenditures shall include but not be limited to
 12 furniture, rugs or other home goods that may be damaged by bedbug infes-
 13 tation.
 14 (C) Such qualified personal property replacement expenditures shall
 15 not include interest or other finance charges.
 16 (3) Certification for credit allowance. The commissioner shall deter-
 17 mine the procedure for certification for the credit authorized pursuant
 18 to this subsection.
 19 § 2. This act shall take effect immediately and shall apply to taxable
 20 years beginning on and after the first of January next succeeding the
 21 date on which it shall have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04871-01-5

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