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S06556 Text:

                STATE OF NEW YORK
                               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.
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