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NY A00517

Bill

Official Source

Status

Introduced

1/5/2011

Primary Sponsor

Fred Thiele

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Amends Tax Law Section 615(d) to add a new deduction for owners of one, two, or three family homes who make environmental quality improvements
  • Allows a deduction of up to 50 percent of the amount expended on qualifying home improvements
  • Qualifying improvements include replacement or upgrade of individual sewage disposal systems, fuel oil tanks, or installation of storm water collection and recharge systems
  • Limits the deduction to a maximum of $1,000 per tax year
  • Takes effect immediately upon enactment

Legislative Description

Provides for an increase in federal itemized deduction for certain home improvements; a fifty percent tax exemption is provided to a residential property owner of a one, two or three family home for improvements that will promote environmental quality; limits the deduction to $1,000 in any one tax year.

Last Action

held for consideration in ways and means

6/19/2012

Committee Referrals

Ways and Means1/5/2011

Full Bill Text

No bill text available