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S00813 Summary:

Amd 606, Tax L
Establishes up to a $500 personal income tax credit for the purchase of a gun safe.
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S00813 Text:

                STATE OF NEW YORK
                               2019-2020 Regular Sessions
                    IN SENATE
                                     January 9, 2019
        Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations
        AN ACT to amend the tax law, in  relation  to  establishing  a  personal
          income tax credit for the purchase of a gun safe

          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 (jjj) to read as follows:
     3    (jjj)  Gun  safe  credit. (1) Allowance of credit. A taxpayer shall be
     4  allowed a credit against the tax imposed by this article for the  amount
     5  incurred  by  the taxpayer during the taxable year for the purchase of a
     6  gun safe.
     7    (2) Credit limitation. The amount of the credit that may be claimed by
     8  a taxpayer pursuant to this subsection shall  not  exceed  five  hundred
     9  dollars  in  any  taxable  year, and such credit may be claimed not more
    10  frequently than once every ten taxable years.
    11    (3) Application of credit. If the amount  of  the  credit  under  this
    12  subsection  for  a taxable year shall exceed the taxpayer's tax for such
    13  year, the excess shall be treated as an overpayment of tax to be credit-
    14  ed or refunded in accordance with the provisions of section six  hundred
    15  eighty-six of this article; provided, however, that no interest shall be
    16  paid thereon.
    17    §  2.  This  act shall take effect immediately, and shall apply to the
    18  taxable year in which it takes effect and all subsequent taxable years.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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