New York A03373 allows individual taxpayers to claim a credit against their income tax for excess flood insurance premiums paid on their primary.

New York A03373 amends the state tax law to introduce a new flood insurance tax credit. This credit allows individual taxpayers to claim a credit against their income tax for any excess premium paid during the applicable tax year for flood insurance covering their primary residence. The credit amount is determined by the excess premium paid, calculated as the amount by which the premium exceeds five percent of the taxpayer's adjusted gross income. The credit for any taxable year is capped at $1,250.

New York A03373 allows individual taxpayers to claim a credit against their income tax for excess flood insurance premiums paid on their primary.

New York A03373 amends the state tax law to introduce a new flood insurance tax credit. This credit allows individual taxpayers to claim a credit against their income tax for any excess premium paid during the applicable tax year for flood insurance covering their primary residence. The credit amount is determined by the excess premium paid, calculated as the amount by which the premium exceeds five percent of the taxpayer's adjusted gross income. The credit for any taxable year is capped at $1,250.