Bill > A01243

This bill establishes a new tax credit for residential and commercial property owners who invest in updating their properties to meet the most current applicable building and fire codes. The tax credit will allow property owners to receive a dollar-for-dollar credit against their state taxes equal to the cost of labor and materials required to bring their property into compliance with current safety standards. If the tax credit amount exceeds the taxpayer's tax liability for a given year, the excess will be treated as an overpayment and can be credited or refunded, though no interest will be paid on the refund. The bill amends both section 606 and section 210-B of the tax law to implement this credit, and it will take effect for taxable years beginning on or after January 1, 2025. This legislation aims to incentivize property owners to proactively upgrade their buildings to meet modern safety codes, potentially reducing risks and improving overall building safety in the state.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A1243