Bill > A05930

This bill creates a new tax credit for contractors in the building construction, demolition, and repair industry who obtain specific personal injury liability and property damage liability insurance. The credit is available to contractors who complete a job site safety training program approved by the commissioner and covers up to 25% of their insurance premiums, with a maximum credit of $10,000. To qualify, the insurance must include coverage for third-party claims related to construction site bodily injury and property damage, particularly those involving workers at elevation risk. The tax credit applies across multiple tax articles (including personal income, corporate franchise, and corporate taxes) and requires contractors to obtain a two-year certificate of completion from an approved safety training program. The superintendent of financial services will establish regulations determining the specific insurance policies that qualify for the credit. The bill aims to incentivize workplace safety in the construction industry by providing a financial benefit to contractors who invest in comprehensive insurance coverage and complete safety training.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A5930