Allows a tax exemption for taxpayers in the amount of the purchase price of a fire extinguisher, fire alarm, heat alarm or carbon monoxide alarm purchased for residential use during the month of October.
Summary
Bill S05468 proposes to amend New York's tax law to provide a tax exemption for the purchase of fire extinguishers, fire alarms, heat alarms, and carbon monoxide alarms intended for residential use. This exemption would apply specifically to purchases made during the month of October. The intent behind the bill is to encourage homeowners to invest in safety equipment that can prevent fire-related incidents and enhance overall residential safety.
Impact
If enacted, the bill would modify existing tax law by adding a new exemption under section 1115, specifically targeting safety equipment purchases made in October. This change could lead to increased sales of these safety devices, potentially improving public safety in residential areas. The exemption would benefit homeowners financially by reducing the overall cost of purchasing essential safety equipment.
Sentiment
The general sentiment surrounding Bill S05468 appears to be positive, as it aligns with public safety interests and encourages proactive measures among homeowners. However, there may be concerns regarding the fiscal impact on state revenue due to the introduction of tax exemptions, which could be a point of discussion among lawmakers.
Contention
Notable points of contention may arise from discussions about the potential loss of tax revenue for the state versus the benefits of increased safety measures for residents. Some lawmakers may advocate for the bill due to its public safety benefits, while others might express concerns about the financial implications of implementing such tax exemptions.
Same As
Allows a tax exemption for taxpayers in the amount of the purchase price of a fire extinguisher, fire alarm, heat alarm or carbon monoxide alarm purchased for residential use during the month of October.
Allows a tax exemption for taxpayers in the amount of the purchase price of a fire extinguisher, fire alarm, heat alarm or carbon monoxide alarm purchased for residential use during the month of October.
Exempts the sale of fire extinguishers, smoke alarms, heat sensors and carbon monoxide detectors for residential use only from state sales and compensating use taxes.
Exempts the sale of fire extinguishers, smoke alarms, heat sensors and carbon monoxide detectors for residential use only from state sales and compensating use taxes.
Exempts from sales and use tax sales of carbon monoxide detectors and any device or equipment sold for residential use to detect, warn of, abate, or extinguish fires.
Exempts from sales and use tax sales of carbon monoxide detectors and any device or equipment sold for residential use to detect, warn of, abate, or extinguish fires.