New York bill A01850 establishes a tax credit for personal property replacement due to bedbug infestation.

New York bill A01850 amends the tax law to introduce a tax credit for personal property replacement resulting from bedbug infestation. The credit amounts to 15% of the qualified personal property replacement expenditures, with a maximum credit of $750. Qualified expenditures include items such as furniture, rugs, and other home goods damaged by bedbugs. The commissioner will determine the certification procedure for this credit. The amendment takes effect immediately and applies to taxable years beginning after January 1 of the year following its enactment.

New York bill A01850 establishes a tax credit for personal property replacement due to bedbug infestation.

New York bill A01850 amends the tax law to introduce a tax credit for personal property replacement resulting from bedbug infestation. The credit amounts to 15% of the qualified personal property replacement expenditures, with a maximum credit of $750. Qualified expenditures include items such as furniture, rugs, and other home goods damaged by bedbugs. The commissioner will determine the certification procedure for this credit. The amendment takes effect immediately and applies to taxable years beginning after January 1 of the year following its enactment.