Bill > S05358

This bill establishes a tax credit for homeowners in New York who repair or replace their sanitary sewer lateral pipes, which are the underground pipes connecting a home's plumbing to the municipal sewer system. The credit will cover 25% of the total repair or replacement costs, including assessments, labor, disposal, and cleanup fees, but excluding sales taxes. To qualify, homeowners must meet specific criteria: the property must be located in New York, owned by the taxpayer, used as their principal residence, and the household income must be less than $250,000. The total statewide tax credit is capped at $5 million per calendar year, and homeowners can claim the credit for work completed in the tax year starting January 1, 2027. If the credit amount exceeds the taxpayer's tax liability for that year, they can carry over the excess credit to the next five tax years. This bill aims to help homeowners offset the often substantial costs of maintaining and upgrading their sewer infrastructure, potentially preventing more expensive repairs and environmental issues in the future.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S5358