Bill Text: NY S08671 | 2021-2022 | General Assembly | Introduced

Bill Title: Provides a tax credit for utility bill payments made in taxable years 2022 and 2023 based on the difference of the average monthly utility bill payment in the year in which the credit is claimed and the average monthly utility bill payment in the preceding three taxable years; establishes a moratorium on certain utility bill surcharges until April 1, 2023; provides for the repeal of such moratorium upon expiration thereof.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2022-03-29 - REFERRED TO BUDGET AND REVENUE [S08671 Detail]

Download: New_York-2021-S08671-Introduced.html

                STATE OF NEW YORK


                    IN SENATE

                                     March 29, 2022

        Introduced  by Sen. MARTUCCI -- 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 and the public service law, in  relation  to
          providing  a  tax  credit for certain utility bill payments and estab-
          lishing a moratorium on certain surcharges thereon; and providing  for
          the repeal of certain provisions upon expiration 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 (nnn) to read as follows:
     3    (nnn) Credit for utility charges. (1) Allowance of credit. For taxable
     4  years  beginning  on or after January first, two thousand twenty-two and
     5  ending December thirty-first, two  thousand  twenty-three,  a  qualified
     6  taxpayer  shall  be allowed a credit to be computed as provided in para-
     7  graph two of this subsection against the tax imposed by this article.
     8    (2) Computation of credit. The amount of the credit allowed under this
     9  subsection shall be the difference of the total utility charges paid  by
    10  the  taxpayer during the taxable year in which the credit is claimed and
    11  the average of the taxpayer's total utility payments  during  the  three
    12  taxable years immediately preceding the taxable year in which the credit
    13  is claimed.
    14    (3)  "Utility costs" shall mean charges paid for  heat, gas, electric-
    15  ity and other services provided to a taxpayer by an  entity  subject  to
    16  the jurisdiction of the public service commission.
    17    (4)  Carryover  of credit. If the amount of the credit, and carryovers
    18  of such credit, allowable under this subsection  for  any  taxable  year
    19  shall exceed the taxpayer's tax for such year, such excess amount may be
    20  carried  over  to the five taxable years next following the taxable year
    21  with respect to which the credit is allowed and may be deducted from the
    22  taxpayer's tax for such year or years.
    23    (5) Application of credit. If the amount of the credit  allowed  under
    24  this subsection for any taxable year shall exceed the taxpayer's tax for
    25  such  year,  the  excess shall be treated as an overpayment of tax to be
    26  credited or refunded in accordance with the provisions  of  section  six

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

        S. 8671                             2

     1  hundred  eighty-six of this article; provided, however, that no interest
     2  shall be paid thereon.
     3    (6)  Administration.  The  commissioner  shall  have  the authority to
     4  promulgate such rules and regulations as may be necessary for the  proc-
     5  essing, determination and granting of credits under this subsection.
     6    §  2.  The public service law is amended by adding a new section 18 to
     7  read as follows:
     8    § 18. Moratorium on surcharges. Notwithstanding the provisions of this
     9  chapter or of any law, rule, regulation or order to  the  contrary,  the
    10  commission  shall  not  impose or collect any surcharges associated with
    11  the system benefit charge, or the renewable portfolio standard,  or  the
    12  energy  efficiency  portfolio  standard, or any similar fund that may be
    13  created by order of the commission before the  effective  date  of  this
    14  section,  whether  such  fund  is new or is a result of combining all or
    15  some of the surcharges referenced herein.
    16    § 3. This act shall take effect immediately; provided that section two
    17  of this act shall  expire  April  1,  2023,  when  upon  such  date  the
    18  provisions of such section shall be deemed repealed.