NY S03676

Allows qualified businesses in heightened flood risk zones without current flood insurance to claim an annual tax credit for flood insurance purchases at 75% (2017), 50% (2018), and 25% (2018-2019) of the cost.

Applies to businesses operating in or out of a residence located within a heightened flood risk zone.

Credit cannot reduce tax liability below the minimum tax requirement, but unused credits may be claimed as overpayments for refund or credit in subsequent years.

Directs the Commissioner of Taxation and Finance to establish rules defining heightened flood risk zones and implementing the tax credit program.

Provisions expire December 31, 2019, and are automatically repealed on that date.