New York Assembly Bill A02480 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 2480 2025-2026 Regular Sessions  IN ASSEMBLY January 17, 2025 ___________ Introduced by M. of A. BENDETT -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the tax law, in relation to creating a tax credit for households or businesses that install a water purification or filtra- tion 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 (qqq) to read as follows: 3 (qqq) Water filtration or purification tax credit. (1) A taxpayer who 4 purchases and installs a water purification or filtration system in 5 their residence and/or business, if such residence or business is 6 located within this state, shall be allowed a credit against the tax 7 otherwise imposed under this article in an amount equal to five hundred 8 dollars. 9 (2) A taxpayer may claim one credit pursuant to paragraph one of this 10 subsection for each residence or business for which the taxpayer 11 purchases and installs a new water purification or filtration system. 12 (3) For purposes of this subsection a "water purification or filtra- 13 tion system" shall mean a system that removes impurities from water by 14 means of a fine physical barrier, a chemical process or a biological 15 process that was installed by a professional. 16 § 2. This act shall take effect immediately and shall apply to taxable 17 years beginning on or after January 1, 2025. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03781-01-5