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NY A09433
Bill
Status
3/1/2012
Primary Sponsor
George Amedore
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AI Summary
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Allows qualified business and resident taxpayers a tax credit for taxable years 2011 and 2012 equal to school taxes paid for the 2011-2012 school year and city, village, town, and county taxes paid in 2012 on substantially damaged property.
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Defines "substantial damage" as damage where restoration costs equal or exceed 50 percent of the structure's market value before damage occurred.
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Limits eligibility to properties located in New York counties declared federal disaster areas eligible for Federal Emergency Management Agency aid due to Hurricane Irene or Tropical Storm Lee in 2011.
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Requires the affected property to be the taxpayer's primary residence to qualify for the credit.
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Any excess credit above the taxpayer's tax liability shall be treated as an overpayment and refunded without interest.
Legislative Description
Establishes an income tax credit for certain victims of Hurricane Irene and Tropical Storm Lee in the amount of property taxes paid on property which sustained substantial damage as a result of such storms.
Last Action
held for consideration in ways and means
6/19/2012