Bill Text: NY S02634 | 2023-2024 | General Assembly | Introduced

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Bill Title: Provides a tax credit to certain landowners who allow snowmobile access on such land.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced) 2024-01-03 - REFERRED TO BUDGET AND REVENUE [S02634 Detail]

Download: New_York-2023-S02634-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2634

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 23, 2023
                                       ___________

        Introduced  by  Sens. GRIFFO, GALLIVAN, HELMING, OBERACKER, ORTT -- read
          twice and ordered printed, and when printed to  be  committed  to  the
          Committee on Budget and Revenue

        AN  ACT  to  amend the tax law, in relation to providing a tax credit to
          certain landowners who allow snowmobile access on such land

          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 (n-3) to read as follows:
     3    (n-3) Credit for certain landowners who allow snowmobile access.   (1)
     4  An  individual taxpayer who meets the eligibility standards in paragraph
     5  two of this subsection shall be  allowed  a  credit  against  the  taxes
     6  imposed  by  this  article in the amount specified in paragraph three of
     7  this subsection.
     8    (2) To be eligible for the credit, the taxpayer (or  taxpayers  filing
     9  joint  returns)  on the personal income tax return must allow snowmobile
    10  access in the form of a state-funded snowmobile trail or portion thereof
    11  on property owned by the taxpayer.
    12    (3) A taxpayer shall be allowed a credit equal to ten cents per linear
    13  foot of state-funded snowmobile trail on eligible property  pursuant  to
    14  paragraph two of this subsection.
    15    (4)  The amount of the credit that may be claimed by a taxpayer pursu-
    16  ant to this subsection shall not exceed seven hundred fifty  dollars  in
    17  any given year.
    18    (5)  If  the  amount of credit allowable under this subsection for any
    19  taxable year shall exceed the taxpayer's tax for such year,  the  excess
    20  allowed  for a taxable year commencing prior to January first, two thou-
    21  sand twenty-four may be carried over to the following year or years  and
    22  may  be  deducted from the taxpayer's tax for such year or years, but in
    23  no event shall such credit be carried over to taxable  years  commencing
    24  on  or  after January first, two thousand thirty-four, and any amount of

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04523-01-3
        S. 2634                             2

     1  credit allowed for a taxable year commencing on or after January  first,
     2  two  thousand twenty-four and not deductible in such year may be carried
     3  over to the ten taxable years next following such taxable year  and  may
     4  be  deducted  from the taxpayer's tax for such year or years. In lieu of
     5  carrying over any such excess, a taxpayer who is  eligible  pursuant  to
     6  paragraph two of this subsection may, at his or her option, receive such
     7  excess  as a refund. Any refund paid pursuant to this paragraph shall be
     8  deemed to be a refund of an overpayment of tax as  provided  in  section
     9  six  hundred  eighty-six  of  this  article,  provided, however, that no
    10  interest shall be paid thereon.
    11    § 2. This act shall take effect on the first of January next  succeed-
    12  ing  the  date  on  which  it shall have become a law and shall apply to
    13  taxable years beginning on or after such date. The department  of  taxa-
    14  tion  and  finance  is  authorized  to  promulgate rules and regulations
    15  necessary for the timely implementation of this act on  or  before  such
    16  effective date.