Bill > S05451

This bill introduces a new tax credit for homeowners who pay flood insurance premiums that exceed 5% of their adjusted gross income. Specifically, taxpayers can claim a credit for the portion of their flood insurance premium that goes beyond that 5% threshold, with a maximum credit of $1,250 per year. If the credit amount is larger than the taxpayer's total tax liability for that year, the excess can be applied as an overpayment and potentially carried forward for up to five future tax years. The bill also includes an overall annual cap of $5 million on these credits statewide. The tax credit will become available for taxable years beginning on or after January 1, 2026, and is designed to help homeowners offset the financial burden of protecting their primary residence in flood-prone areas. The bill authorizes the commissioner of taxation and finance to create any necessary rules and regulations to implement this new tax credit program.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S5451