BILL NUMBER: S3182
SPONSOR: FELDER
 
TITLE OF BILL:
An act to amend the tax law, in relation to establishing a credit for
the purchase and installation of a security alarm system
 
PURPOSE:
This bill would allow for a one-time tax credit up to $250, for any
security fence, security alarm system, and security surveillance system
that is purchased and installed at a qualified residence
 
SUMMARY OF PROVISIONS:
The bill amends section 606 of the tax law, creating subsection (000).
This new subsection would grant a one-time $250 tax credit beginning on
or after January 1, 2026 for the cost to purchase and install a security
alarm system on residential property. The definition for a "security
alarm system" and eligibility procedure for which to quality for the
credit are included in this subsection.
Section 2 sets the effective date
 
JUSTIFICATION:
This bill would make home security equipment more affordable to quali-
fied residents so they can better protect their homes and their fami-
lies.
According to the New York State Crime Report for 2020, New York City's
total property crimes were 129,360 cases in 2020, which was a 5.8%
increase over the previous year. This increase was largely driven by the
13,906 burglary cases that occurred in 2020, a 41% increase over the
previous year.
There is a high demand for home security systems in light of increasing
property crimes in New York. Residents seek reassurance that they are
secure in their own homes and this bill would stablish a precedent for
protection.
 
LEGISLATIVE HISTORY:
2023/24: S6556 - Reported from Budget and Revenue Committee
 
FISCAL IMPLICATIONS:
To Be Determined
 
EFFECTIVE DATE:
This act shall take effect immediately and apply to taxable years on and
after January 1, 2026.

Statutes affected:
S3182: 606 tax law