Bill > A03646

This bill establishes a tax credit for homeowners in New York who install, repair, or replace sump pumps, with several key provisions. Homeowners can receive a credit equal to 50% of the total costs associated with sump pump work, including assessment, labor, disposal, and cleanup fees, but excluding sales tax. To qualify, the property must be located in New York, owned by the taxpayer, used as their primary residence, and owned by a household with an income under $250,000. The credit is available for work completed on or after January 1, 2026, and requires documentation from a certified plumber or municipality recommending the sump pump work. The total statewide tax credits for this program are capped at $5 million per calendar year. If a taxpayer's credit exceeds their tax liability in a given year, they can carry over the excess credit for up to five subsequent tax years. This bill aims to provide financial assistance to homeowners for managing water drainage and potential basement flooding by offsetting the costs of sump pump maintenance and installation.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3646