Bill Text: NY S08522 | 2021-2022 | General Assembly | Introduced

Bill Title: Establishes a home heating tax credit for qualified taxpayers with an income of $125,000 or less for single filers, or with a combined income of $250,000 or less for joint filers.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2022-03-08 - REFERRED TO BUDGET AND REVENUE [S08522 Detail]

Download: New_York-2021-S08522-Introduced.html

                STATE OF NEW YORK


                    IN SENATE

                                      March 8, 2022

        Introduced  by  Sen.  O'MARA -- 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 establishing a home  heating
          tax credit; and providing for the repeal of such provisions upon expi-
          ration thereof

          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 (11-1) to read as follows:
     3    (11-1)  Home  heating  tax credit. (1) For purposes of this subsection
     4  the term "qualified taxpayer" shall mean a resident  individual  of  the
     5  state,  who  maintained  his  or  her primary residence in this state on
     6  December thirty-first of the taxable year, and who was an owner of  such
     7  property  on  such  date  or  renters who are responsible for paying for
     8  their own heat, and who are not eligible for the home energy  assistance
     9  program.  An  individual  shall  be considered a qualified taxpayer with
    10  respect to no more than one primary residence during any  given  taxable
    11  year.
    12    (2)  The  tax  credit  under  this  subsection  shall be determined as
    13  follows:
    14    (a) For single individuals that are qualified taxpayers, a  credit  of
    15  three  hundred  dollars for those with income of one hundred twenty-five
    16  thousand dollars or less.
    17    (b) For married individuals that  are  qualified  taxpayers  and  file
    18  jointly,  a  credit  of six hundred dollars for those with income of two
    19  hundred fifty thousand dollars or less.
    20    (3) If the amount of the credit allowed under  this  subsection  shall
    21  exceed  the  taxpayer's  tax  for  the taxable year, the excess shall be
    22  treated as an overpayment of tax to be credited or refunded  in  accord-
    23  ance with the provisions of section six hundred eighty-six of this arti-
    24  cle, provided, however, that no interest shall be paid thereon. For each
    25  year  such  credit  is  allowed,  on or before October fifteenth of such
    26  year, or as soon thereafter as is practicable,  the  commissioner  shall
    27  determine  the  taxpayer's  eligibility  for  such  credit utilizing the

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 8522                             2

     1  information available to the commissioner  on  the  taxpayer's  personal
     2  income  tax  return  filed  for  the taxable year two years prior to the
     3  taxable year in which such credit is allowed. For those  taxpayers  whom
     4  the  commissioner  has  determined  to  be eligible for such credit, the
     5  commissioner shall advance a payment in the amount  specified  in  para-
     6  graph  two  of  this  subsection,  which payment shall be issued, to the
     7  greatest extent practicable, by October thirty-first of each  year  such
     8  credit  is  allowed.    A  taxpayer who has failed to receive an advance
     9  payment that he or she believes was due  to  him  or  her,  or  who  has
    10  received  an  advance  payment  that he or she believes is less than the
    11  amount that was due to him or her, may request payment of  such  claimed
    12  deficiency in a manner prescribed by the commissioner.
    13    §  2.  This  act  shall take effect immediately and shall apply to the
    14  taxable year 2021 and shall expire and be deemed repealed  December  31,
    15  2022.