Bill > S04651

This bill establishes a sump pump installation and replacement tax credit for homeowners in New York who use the home as their principal residence and have a household income of less than $250,000. The credit is worth 50% of the total cost of the sump pump replacement, repair, or installation, which includes the cost of the assessment, labor, disposal, and cleanup fees. The aggregate amount of tax credits allowed statewide in any calendar year is $5 million. The credit can be claimed for the taxable year in which the work is completed and paid for, and any excess credit can be carried over for up to 5 years.