Bill > A00406

This bill establishes a $500 tax credit for property owners in cities with a population of one million or more persons (which effectively means New York City) who purchase and install a qualified security camera system. The credit is a one-time benefit that can be claimed against various state tax articles, including personal income tax, corporate franchise tax, and other business taxes. A "qualified security camera system" is defined as a camera setup that can record and store footage for up to 48 hours, with the credit covering the cost of the camera system, materials, labor, and installation. Property owners, including residential homeowners, commercial property owners, and not-for-profit corporations, are eligible to claim the credit in the taxable year when the system is installed. If the credit amount exceeds the taxpayer's tax liability for that year, the excess can be carried forward and applied to taxes in the five subsequent years. The bill amends several sections of the New York tax law to implement this new tax credit and specifies that it will take effect on the first day of January following its enactment.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A406