NY S03850

Allows qualified businesses in heightened flood risk zones to claim an annual tax credit for flood insurance purchases, with the credit percentage declining over three years: 75% for 2014, 50% for 2015, and 25% for 2015-2016.

Defines qualified taxpayers as businesses operating in or out of a residence located within a heightened flood risk zone that do not currently have flood insurance.

Permits unused credits that would reduce tax below the minimum tax amount to be treated as overpayments and credited or refunded in subsequent years.

Requires the Commissioner of Taxation and Finance to establish criteria for heightened flood risk zones and implement rules for administering the tax credit.

Takes effect 60 days after enactment and expires December 31, 2016, at which time all provisions automatically repeal.