Bill
Bill > S03954
NY S03954
NY S03954Establishes a tax credit for the replacement or repair of sewer lateral pipes by homeowners who use the home as their principal residence and have an income of less than two hundred fifty thousand dollars.
summary
Introduced
02/01/2021
02/01/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
Establishes a tax credit for the replacement or repair of sewer lateral pipes by homeowners who use the home as their principal residence and have an income of less than two hundred fifty thousand dollars.
AI Summary
This bill establishes a tax credit for homeowners who use their home as their principal residence and have an income of less than $250,000 to cover 25% of the cost of repairing or replacing their sewer lateral pipes. The credit can be used for the taxable year in which the work is completed and paid for, and any excess credit amount can be carried over for up to 5 years. The total amount of tax credits allowed statewide in any calendar year is capped at $5 million.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/05/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/S3954 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S03954&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S03954 |
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