Bill Text: NY S09592 | 2021-2022 | General Assembly | Introduced

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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

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                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.
                                                                   LBD16524-01-2
        S. 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.