Bill Text: NY S03110 | 2015-2016 | General Assembly | Amended

New York Senate Bill 3110 (Prior Session Legislation)

Bill Title: Creates the middle class circuit breaker tax credit and a tax reform study commission.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2016-02-01 - PRINT NUMBER 3110A [S03110 Detail]

Download: New_York-2015-S03110-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                         3110--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                    February 2, 2015
                                       ___________
        Introduced  by  Sens. KRUEGER, HASSELL-THOMPSON, MONTGOMERY, SQUADRON --
          read twice and ordered printed, and when printed to  be  committed  to
          the Committee on Investigations and Government Operations -- recommit-
          ted  to  the  Committee on Investigations and Government Operations in
          accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee
        AN ACT to amend the tax law, in relation to creating  the  middle  class
          circuit breaker tax credit and creating a tax reform study commission
          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 (ccc) to read as follows:
     3    (ccc)  Middle  class  circuit breaker credit. (1) Definitions. For the
     4  purposes of this subsection:
     5    (A) "Qualified taxpayer" means a resident individual of the state  who
     6  owns  or rents the residential real property in which he or she resides,
     7  and has resided in such residential real property for not less than five
     8  years.
     9    (B) "Household" or  "members  of  the  household"  means  a  qualified
    10  taxpayer  or  qualified taxpayers and all other persons, not necessarily
    11  related, who all reside in the residential real property  owned  by  the
    12  taxpayer  or taxpayers, and share its furnishings, facilities and accom-
    13  modations; provided that no person may be a  member  of  more  than  one
    14  household at one time.
    15    (C) "Household gross income" means the aggregate adjusted gross income
    16  of  all  members  of  the household for the taxable year as reported for
    17  federal income tax purposes, or which  would  be  reported  as  adjusted
    18  gross  income  if a federal income tax return were required to be filed,
    19  with the modifications in subsection (b) of section six  hundred  twelve
    20  of  this article but without the modifications in subsection (c) of such
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05460-02-6