S 5358 —

Compared against the New York Consolidated Laws as published AI-generated reading aid — verify against the official bill.

This bill amends 1 section(s) of the New York Consolidated Laws: Section 606 of the tax law.

• Section 606 of the tax law

  (bbb) Sanitary sewer lateral pipe replacement credit. (1) General. An individual taxpayer shall be allowed a credit for taxable years begin- ning on or after January first, two thousand twenty-six against the tax imposed by this article for the costs to repair or replace a lateral sanitary sewer pipe, when such repair or replacement is recommended by a certified plumber or the presiding municipality. The amount of the cred- it shall be twenty-five percent of the total cost of repair or removal. (2) Lateral repair and replacement costs. (A) The term "costs of replacement" includes the cost of an assessment from a plumber, any initial appraisals, labor costs, disposal fees, and cleanup fees; except any state or local sales tax applicable to the services performed. (B) The term "costs of repair" includes the cost of an assessment from a plumber, any initial appraisals, labor costs, disposal fees, and follow-up fees; except any state or local sales tax applicable to the services. (3) Amount of credit. The aggregate amount of tax credits allowed under this subsection in any calendar year statewide shall be five million dollars. (4) Lateral repair or replacement for qualified taxpayers. A property owner who incurs costs for repairing or replacing lateral sewer pipes must be replacing or repairing the lateral pipe located on a residential property or mixed-use property, which is: (A) located in this state; italics (B) owned by the taxpayer; (C) used by the taxpayer as their principal residence; and (D) owned by a taxpayer with a household income of less than two hundred fifty thousand dollars. (5) When credit allowed. The credit provided for in this subsection shall be allowed with respect to the taxable year, commencing after January first, two thousand twenty-seven in which the work is completed and paid for. (6) Carryover of credit. If the amount of the credit, and carryovers of such credit, allowable under this subsection for any taxable year shall exceed the taxpayer's tax for such year, such excess amount may be carried over to the five taxable years next following the taxable year with respect to which the credit is allowed and may be deducted from the taxpayer's tax for such year or years.

  amended

Similar bills in other states

Bills in other jurisdictions that match this one by MEANING — title, summary and subject, compared across every state we track. A strong signal the same policy is moving elsewhere.

• A 2289 New Jersey 100% Compare text
• A 2017 New Jersey 100% Compare text
• A 2952 New Jersey 100% Compare text
• A 4164 New Jersey 100% Compare text
• S 3565 New Jersey 100% Compare text
• A3760 New Jersey 100% Compare text
• A4075 New Jersey 100% Compare text
• A1632 New Jersey 100% Compare text