Bill Text: NY A03142 | 2019-2020 | General Assembly | Introduced

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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 2-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A03142 Detail]

Download: New_York-2019-A03142-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3142
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 28, 2019
                                       ___________
        Introduced  by  M.  of A. ORTIZ -- Multi-Sponsored by -- M. of A. SCHIM-
          MINGER -- 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 (jjj) to read as follows:
     3    (jjj) Personal vehicle fuel credit. (1) Allowance of credit. A taxpay-
     4  er is allowed a credit against the tax imposed by this article for qual-
     5  ified  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 twenty-
    14  three thousand dollars but less than twenty-five thousand  dollars,  the
    15  amount of the credit shall be no more than one hundred thirty dollars.
    16    (iii)  If  a taxpayer has a gross income equal to or more than twenty-
    17  one thousand dollars but less than twenty-three  thousand  dollars,  the
    18  amount of the credit shall be no more than one hundred sixty dollars.
    19    (iv)  If  a taxpayer has a gross income equal to or more than nineteen
    20  thousand dollars but less than twenty-one thousand dollars,  the  amount
    21  of the credit shall be no more than one hundred ninety dollars.
    22    (v)  If  a taxpayer has a gross income equal to or more than seventeen
    23  thousand dollars but less than nineteen thousand dollars, the amount  of
    24  the credit shall be no more than two hundred twenty dollars.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07140-01-9
        A. 3142                             2
     1    (vi)  If  a  taxpayer has a gross income equal to or more than fifteen
     2  thousand dollars but less than seventeen thousand dollars, the amount of
     3  the credit shall be no more than two hundred fifty dollars.
     4    (vii)  If  a  taxpayer  has  a gross income less than fifteen thousand
     5  dollars, the amount of the credit shall be no more  than  three  hundred
     6  dollars.
     7    (viii)  For  the purposes of married individuals filing joint returns,
     8  each individual is entitled to receive the credit proportionate to their
     9  gross income provided that it was the individual that actually  incurred
    10  the qualified fuel expense.
    11    (3)  Application. (i) The credit allowed under this subsection for any
    12  taxable year shall not reduce the tax due for such  year  to  less  than
    13  zero.  Any  unused  portion  of the credit shall not be reimbursed as an
    14  overpayment of taxes.
    15    (ii) The credit allowed under this subsection shall be taken after all
    16  other applicable credits have first been taken.
    17    (iii) Any unused portion of the credit shall not be  carried  over  to
    18  subsequent taxable years.
    19    (4)  Definitions.  Qualified  fuel  expense  means amounts paid by the
    20  taxpayer for a taxable fuel for a personal, non-business use in a  vehi-
    21  cle on a public highway.
    22    § 2. This act shall take effect immediately and shall apply to taxable
    23  years commencing on or after such date.