Bill Text: NY A03807 | 2023-2024 | General Assembly | Introduced

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Bill Title: Establishes the metropolitan commuter transportation district fee tax credit for persons required to pay such fee.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to ways and means [A03807 Detail]

Download: New_York-2023-A03807-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3807

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 8, 2023
                                       ___________

        Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
          tee on Ways and Means

        AN ACT to amend the tax law, in relation to establishing an  income  tax
          credit for certain metropolitan commuters

          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 (ooo) to read as follows:
     3    (ooo)  Metropolitan  commuter  transportation district fee tax credit.
     4  Any person who pays  the  registration  fee  required  by  section  four
     5  hundred  ninety-nine-a of the vehicle and traffic law for a farm vehicle
     6  registered pursuant to subdivision thirteen of section four hundred  one
     7  of  the vehicle and traffic law shall be allowed a credit of one hundred
     8  percent of such fee against the tax otherwise imposed by  this  article.
     9  If  the  amount  of credit allowed under this subsection for any taxable
    10  year exceeds the taxpayer's tax for  such  year,  the  excess  shall  be
    11  treated  as  an overpayment of tax to be credited or refunded in accord-
    12  ance with the provisions of section six hundred eighty-six of this arti-
    13  cle, provided, however, that no interest shall be paid thereon.
    14    § 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
    15  of the tax law is amended by adding a new clause (l) to read as follows:
    16  (l) Metropolitan commuter            Amount of credit under
    17  transportation district fee tax      subdivision fifty-nine of
    18  credit under subsection (ooo)        section two hundred ten-B
    19    §  3. Section 210-B of the tax law is amended by adding a new subdivi-
    20  sion 59 to read as follows:
    21    59. Metropolitan commuter transportation district fee tax credit.  (a)
    22  Any taxpayer who pays the registration  fee  required  by  section  four
    23  hundred  ninety-nine-a of the vehicle and traffic law for a farm vehicle
    24  registered pursuant to subdivision thirteen of section four hundred  one

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07066-01-3
        A. 3807                             2

     1  of  the vehicle and traffic law shall be allowed a credit of one hundred
     2  percent of such fee against the tax otherwise imposed by this article.
     3    (b)  Application  of credit. The credit allowed under this subdivision
     4  for any taxable year shall not reduce the tax due for such year to  less
     5  than  the  fixed  dollar  minimum  amount prescribed in paragraph (d) of
     6  subdivision one of section two hundred ten of this article. However,  if
     7  the amount of credit allowed under this subdivision for any taxable year
     8  reduces  the  tax  to  such amount or if the taxpayer otherwise pays tax
     9  based on the fixed dollar minimum amount, any amount of credit thus  not
    10  deductible  in  such  taxable year shall be treated as an overpayment of
    11  tax to be credited or refunded in  accordance  with  the  provisions  of
    12  section  one thousand eighty-six of this chapter. Provided, however, the
    13  provisions of subsection (c) of section  one  thousand  eighty-eight  of
    14  this chapter notwithstanding, no interest shall be paid thereon.
    15    § 4. This act shall take effect immediately and shall apply to taxable
    16  years beginning on and after January 1, 2024.