Bill Text: NY A01326 | 2011-2012 | General Assembly | Introduced
Bill Title: Authorizes a tax credit for qualified fuel expenses resulting from personal, non-business vehicle use on a public highway.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2012-06-19 - held for consideration in ways and means [A01326 Detail]
Download: New_York-2011-A01326-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
1326
2011-2012 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 5, 2011
___________
Introduced by M. of A. ORTIZ, HOOPER -- Multi-Sponsored by -- M. of A.
BOYLAND, MAGEE, SCHIMMINGER, WEISENBERG -- read once and referred to
the Committee on Ways and Means
AN ACT to amend the tax law, in relation to creating a personal income
tax credit for fuel used for non-business purposes
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 606 of the tax law is amended by adding a new
2 subsection (u) to read as follows:
3 (U) PERSONAL VEHICLE FUEL CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER
4 IS ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR QUALI-
5 FIED FUEL EXPENSES IN AN AMOUNT AS DETERMINED IN ACCORDANCE WITH PARA-
6 GRAPH TWO OF THIS SUBSECTION.
7 (2) AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE
8 TOTAL COST OF THE QUALIFIED FUEL EXPENSES ACTUALLY INCURRED BY THE
9 TAXPAYER FOR THE TAXABLE YEAR SUBJECT TO THE FOLLOWING RESTRICTIONS.
10 (I) IF A TAXPAYER HAS A GROSS INCOME EQUAL TO OR MORE THAN TWENTY-FIVE
11 THOUSAND DOLLARS, THE AMOUNT OF THE CREDIT SHALL BE NO MORE THAN ONE
12 HUNDRED DOLLARS.
13 (II) IF A TAXPAYER HAS A GROSS INCOME EQUAL TO OR MORE THAN
14 TWENTY-THREE THOUSAND DOLLARS BUT LESS THAN TWENTY-FIVE THOUSAND
15 DOLLARS, THE AMOUNT OF THE CREDIT SHALL BE NO MORE THAN ONE HUNDRED
16 THIRTY DOLLARS.
17 (III) IF A TAXPAYER HAS A GROSS INCOME EQUAL TO OR MORE THAN
18 TWENTY-ONE THOUSAND DOLLARS BUT LESS THAN TWENTY-THREE THOUSAND DOLLARS,
19 THE AMOUNT OF THE CREDIT SHALL BE NO MORE THAN ONE HUNDRED SIXTY
20 DOLLARS.
21 (IV) IF A TAXPAYER HAS A GROSS INCOME EQUAL TO OR MORE THAN NINETEEN
22 THOUSAND DOLLARS BUT LESS THAN TWENTY-ONE THOUSAND DOLLARS, THE AMOUNT
23 OF THE CREDIT SHALL BE NO MORE THAN ONE HUNDRED NINETY DOLLARS.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04095-01-1
A. 1326 2
1 (V) IF A TAXPAYER HAS A GROSS INCOME EQUAL TO OR MORE THAN SEVENTEEN
2 THOUSAND DOLLARS BUT LESS THAN NINETEEN THOUSAND DOLLARS, THE AMOUNT OF
3 THE CREDIT SHALL BE NO MORE THAN TWO HUNDRED TWENTY DOLLARS.
4 (VI) IF A TAXPAYER HAS A GROSS INCOME EQUAL TO OR MORE THAN FIFTEEN
5 THOUSAND DOLLARS BUT LESS THAN SEVENTEEN THOUSAND DOLLARS, THE AMOUNT OF
6 THE CREDIT SHALL BE NO MORE THAN TWO HUNDRED FIFTY DOLLARS.
7 (VII) IF A TAXPAYER HAS A GROSS INCOME LESS THAN FIFTEEN THOUSAND
8 DOLLARS, THE AMOUNT OF THE CREDIT SHALL BE NO MORE THAN THREE HUNDRED
9 DOLLARS.
10 (VIII) FOR THE PURPOSES OF MARRIED INDIVIDUALS FILING JOINT RETURNS,
11 EACH INDIVIDUAL IS ENTITLED TO RECEIVE THE CREDIT PROPORTIONATE TO THEIR
12 GROSS INCOME PROVIDED THAT IT WAS THE INDIVIDUAL THAT ACTUALLY INCURRED
13 THE QUALIFIED FUEL EXPENSE.
14 (3) APPLICATION. (I) THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
15 TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN
16 ZERO. ANY UNUSED PORTION OF THE CREDIT SHALL NOT BE REIMBURSED AS AN
17 OVERPAYMENT OF TAXES.
18 (II) THE CREDIT ALLOWED UNDER THIS SUBSECTION SHALL BE TAKEN AFTER ALL
19 OTHER APPLICABLE CREDITS HAVE FIRST BEEN TAKEN.
20 (III) ANY UNUSED PORTION OF THE CREDIT SHALL NOT BE CARRIED OVER TO
21 SUBSEQUENT TAXABLE YEARS.
22 (4) DEFINITIONS. QUALIFIED FUEL EXPENSE MEANS AMOUNTS PAID BY THE
23 TAXPAYER FOR A TAXABLE FUEL FOR A PERSONAL, NON-BUSINESS USE IN A VEHI-
24 CLE ON A PUBLIC HIGHWAY.
25 S 2. This act shall take effect immediately and shall apply to taxable
26 years commencing on or after such date.
