Bill Text: NY S09592 | 2021-2022 | General Assembly | Introduced
Bill Title: Provides for an enhanced home energy assistance program tax credit for certain income eligible residents.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2022-11-04 - REFERRED TO RULES [S09592 Detail]
Download: New_York-2021-S09592-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9592 IN SENATE November 4, 2022 ___________ Introduced by Sen. SERINO -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the tax law, in relation to an enhanced home energy assistance program tax credit 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) Enhanced home energy assistance program tax credit. (1) An indi- 4 vidual taxpayer who meets the eligibility standards in paragraph two of 5 this subsection shall be allowed the corresponding credit against the 6 taxes imposed by this article, pursuant to paragraph three of this 7 subsection. 8 (2) (A) To be eligible for the credit pursuant to subparagraph (A) of 9 paragraph three of this subsection, the taxpayer (or taxpayers filing 10 joint returns) on the personal income tax return filed for the taxable 11 year the prior year, must have (i) been a resident, and (ii) had income 12 that is less than fifty-two percent higher than the applicable income 13 eligibility standards for the low-income home energy assistance program 14 pursuant to section ninety-seven of the social services law and other- 15 wise meet the eligibility requirements for such program. 16 (B) To be eligible for the credit pursuant to subparagraph (B) of 17 paragraph three of this subsection, the taxpayer (or taxpayers filing 18 joint returns) on the personal income tax return filed for the taxable 19 year the prior year, must have (i) been a resident, and (ii) must be 20 certified as eligible for and entitled to receive home energy assistance 21 pursuant to section ninety-seven of the social services law. 22 (3) (A) For the purposes of this subsection, the credit for taxpayers 23 pursuant to subparagraph (A) of paragraph two of this subsection shall 24 be equal to the otherwise applicable home energy assistance pursuant to 25 section ninety-seven of the social services law for which their income 26 is less than fifty-two percent higher. If the amount of the credit 27 allowed under this subsection for any taxable year shall exceed the 28 taxpayer's tax for such year, the excess shall be treated as an overpay- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD16524-01-2S. 9592 2 1 ment of tax to be credited or refunded in accordance with the provisions 2 of section six hundred eighty-six of this article, provided, however, 3 that no interest shall be paid thereon. 4 (B) For the purposes of this subsection, the credit for taxpayers 5 pursuant to subparagraph (B) of paragraph two of this subsection shall 6 be equal to fifty percent of the applicable home energy assistance 7 pursuant to section ninety-seven of the social services law for which 8 they are certified as eligible for and entitled to receive. If the 9 amount of the credit allowed under this subsection for any taxable year 10 shall exceed 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 (4) The commissioner shall implement a process and procedures to 15 provide residents who are otherwise eligible for the credit under this 16 subsection, but who are not required to file a tax return, with the 17 monetary value of the credit which they would otherwise have been enti- 18 tled to. 19 § 2. This act shall take effect immediately and shall apply to taxable 20 years beginning on and after January 1, 2023.