Bill > A09275

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 covers 50% of the total cost of replacing, repairing, or installing a sump pump, including assessment fees, labor, disposal, and cleanup costs, but excluding sales tax. The aggregate amount of tax credits allowed statewide in any calendar year is capped at $5 million. The credit can be claimed for work completed and paid for in taxable years beginning on or after January 1, 2025, and any unused credit can be carried forward for up to 5 years.