New York Senate Bill S06556 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 6556 2023-2024 Regular Sessions  IN SENATE April 26, 2023 ___________ Introduced by Sen. FELDER -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to establishing a credit for the purchase and installation of a security alarm system The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 606 of the tax law is amended by adding a new 2 subsection (ooo) to read as follows: 3 (ooo) Credit for installation of a home security system. (1) General. 4 An individual taxpayer shall be allowed a one-time credit for taxable 5 years beginning on or after January first, two thousand twenty-four 6 against the tax imposed by this article for the cost to purchase and 7 install a security alarm system on residential property equal to two 8 hundred fifty dollars. 9 (2) Definition. For the purpose of this subsection, "security alarm 10 system" shall mean an assembly of equipment and devices or a single 11 device, including but not limited to a security fence, a security alarm 12 system and/or a security surveillance system designated to detect and/or 13 signal an unauthorized intrusion into residential property or to signal 14 an attempted robbery, burglary, theft, pilferage or other loss at a 15 protected residential property, and with respect to such signal, police 16 officers are expected to respond, which may be installed, serviced and 17 maintained by a person licensed to engage in such activities pursuant to 18 article six-D of the general business law. 19 (3) Eligibility. To qualify for the credit prescribed in this 20 subsection, an individual taxpayer shall provide proof of purchase and 21 installation in the form of a receipt. 22 (4) When credit allowed. The credit provided for in this subsection 23 shall be allowed with respect to the taxable year, commencing after 24 January first, two thousand twenty-four, in which the security alarm 25 system is purchased. 26 § 2. This act shall take effect immediately and apply to taxable years 27 on and after January 1, 2024. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11030-01-3