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NY A05248
Bill
Status
Introduced
2/21/2013
Primary Sponsor
Claudia Tenney
Click for details
AI Summary
- Allows a tax credit for taxable years 2011 and 2012 for qualified business and resident taxpayers whose property was substantially damaged by Hurricane Irene or Tropical Storm Lee in 2011
- Credit amount equals school taxes paid for the 2011-2012 school year plus city, village, town, and county taxes paid in 2012 for the damaged property
- Defines "substantial damage" as damage where restoration costs equal or exceed 50 percent of the property's pre-damage market value
- Limits eligibility to properties in counties declared federal disaster areas eligible for FEMA assistance and to properties that are the taxpayer's primary residence
- Allows excess credits to be treated as 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
6/17/2014
Committee Referrals
Ways and Means2/21/2013
Full Bill Text
No bill text available