BILL NUMBER: S5276
SPONSOR: PARKER
 
TITLE OF BILL:
An act to amend the tax law, in relation to creating a disabled person
retrofit tax credit
 
PURPOSE:
To provide an incentive for owners of residential buildings to retrofit
homes for access to the disabled.
 
SUMMARY OF PROVISIONS:
Section 1: Section 606 of the tax law is amended by adding a new section
(000).
Section 2: This act shall take effect immediately and shall be deemed to
have been in full force and effect on and after January 1, 2024,
provided further, this act shall apply to all tax years commencing on or
after January 2024.
 
JUSTIFICATION:
Many homeowners discover that retro-fitting homes to allow better access
for the disabled cost prohibitive and be deterred from making the
improvements. This legislation would provide a tax credit that is equal
to thirty percent of the cost expenditures, up to $5,000 for making
qualified improvements.
 
LEGISLATIVE HISTORY:
2021-22: S4663 - Referred to Budget and Revenue
2019-20: S.4125 - Creates a disabled person retrofit tax credit
2017-18: S.2829A - SUBSTITUTED BY A5333A
2015-16: S.1388E - Amend and Recommit to Investigations and Gov't Oper-
ations
2013-14: S.1573A - Amend and Recommit to Investigations and Gov't Oper-
ations
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately and shall be deemed to have been
in full force and effect on and after January 1, 2024, provided further,
this act shall apply to all tax years commencing on or after January
2024.

Statutes affected:
S5276: 606 tax law