Establishes a tax credit for the replacement or repair of sewer lateral pipes for qualified homeowners.

New York S05358 amends the tax law to establish a tax credit for the replacement or repair of sewer lateral pipes. This credit applies to homeowners who use the home as their principal residence and have a household income of less than $250,000. The credit is equal to 25% of the total cost of repair or replacement, which includes assessment fees, labor costs, and disposal fees. The credit is available for work completed after January 1, 2027, and can be carried over to subsequent tax years if unused.

Establishes a tax credit for the replacement or repair of sewer lateral pipes for qualified homeowners.

New York S05358 amends the tax law to establish a tax credit for the replacement or repair of sewer lateral pipes. This credit applies to homeowners who use the home as their principal residence and have a household income of less than $250,000. The credit is equal to 25% of the total cost of repair or replacement, which includes assessment fees, labor costs, and disposal fees. The credit is available for work completed after January 1, 2027, and can be carried over to subsequent tax years if unused.