Bill Text: NY A03667 | 2019-2020 | General Assembly | Introduced

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Bill Title: Establishes the metropolitan commuter transportation district fee tax credit for persons required to pay such fee.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A03667 Detail]

Download: New_York-2019-A03667-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3667
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 30, 2019
                                       ___________
        Introduced  by M. of A. GUNTHER, CAHILL, ARROYO, RAIA, DiPIETRO, FRIEND,
          CROUCH, MONTESANO -- Multi-Sponsored by -- M. of A. COOK -- read  once
          and referred to the Committee on Ways and Means
        AN  ACT  to amend the tax law, in relation to establishing an income tax
          credit for certain metropolitan commuters
          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 (jjj) to read as follows:
     3    (jjj) Metropolitan commuter transportation district  fee  tax  credit.
     4  Any  person  who  pays  the  registration  fee  required by section four
     5  hundred ninety-nine-a of the vehicle and traffic law for a farm  vehicle
     6  registered  pursuant to subdivision thirteen of section four hundred one
     7  of the vehicle and traffic law shall be allowed a credit of one  hundred
     8  percent  of  such fee against the tax otherwise imposed by this article.
     9  If the amount of credit allowed under this subsection  for  any  taxable
    10  year  exceeds  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    §  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    15  of the tax law is amended by adding a  new  clause  (xliv)  to  read  as
    16  follows:
    17  (xliv) Metropolitan commuter         Amount of credit under
    18  transportation district fee tax      subdivision fifty-three of
    19  credit under subsection (jjj)        section two hundred ten-B
    20    §  3. Section 210-B of the tax law is amended by adding a new subdivi-
    21  sion 53 to read as follows:
    22    53. Metropolitan commuter transportation district fee tax credit.  (a)
    23  Any taxpayer who pays the registration  fee  required  by  section  four
    24  hundred  ninety-nine-a of the vehicle and traffic law for a farm vehicle
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01452-01-9
        A. 3667                             2
     1  registered pursuant to subdivision thirteen of section four hundred  one
     2  of  the vehicle and traffic law shall be allowed a credit of one hundred
     3  percent of such fee against the tax otherwise imposed by this article.
     4    (b)  Application  of credit. The credit allowed under this subdivision
     5  for any taxable year shall not reduce the tax due for such year to  less
     6  than  the  fixed  dollar  minimum  amount prescribed in paragraph (d) of
     7  subdivision one of section two hundred ten of this article. However,  if
     8  the amount of credit allowed under this subdivision for any taxable year
     9  reduces  the  tax  to  such amount or if the taxpayer otherwise pays tax
    10  based on the fixed dollar minimum amount, any amount of credit thus  not
    11  deductible  in  such  taxable year shall be treated as an overpayment of
    12  tax to be credited or refunded in  accordance  with  the  provisions  of
    13  section  one thousand eighty-six of this chapter. Provided, however, the
    14  provisions of subsection (c) of section  one  thousand  eighty-eight  of
    15  this chapter notwithstanding, no interest shall be paid thereon.
    16    § 4. This act shall take effect immediately and shall apply to taxable
    17  years beginning on and after January 1, 2018.