New York S05451 allows individual taxpayers to claim a credit against their income tax for excess flood insurance premiums paid on their primary.

New York S05451 amends the tax law to allow an individual taxpayer to claim a credit against their income tax for excess premium paid during the applicable tax year for flood insurance providing coverage on the taxpayer's primary residence. The credit is equal to the amount by which the premium paid exceeds five percent of the taxpayer's adjusted gross income. The credit for any taxable year may not exceed $1,250. If the credit exceeds the taxpayer's tax for the year, the excess is treated as an overpayment of tax to be credited or refunded.

New York S05451 allows individual taxpayers to claim a credit against their income tax for excess flood insurance premiums paid on their primary.

New York S05451 amends the tax law to allow an individual taxpayer to claim a credit against their income tax for excess premium paid during the applicable tax year for flood insurance providing coverage on the taxpayer's primary residence. The credit is equal to the amount by which the premium paid exceeds five percent of the taxpayer's adjusted gross income. The credit for any taxable year may not exceed $1,250. If the credit exceeds the taxpayer's tax for the year, the excess is treated as an overpayment of tax to be credited or refunded.