Bill Text: NY A06554 | 2009-2010 | General Assembly | Introduced
Bill Title: Creates a credit for home heating costs; allows a taxpayer to be allowed a credit for home heating costs associated with his or her principal residence when such heating costs exceed five percent of their New York adjusted gross income.
Spectrum: Partisan Bill (Republican 14-0)
Status: (Introduced - Dead) 2010-07-01 - held for consideration in ways and means [A06554 Detail]
Download: New_York-2009-A06554-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 6554 2009-2010 Regular Sessions I N A S S E M B L Y March 6, 2009 ___________ Introduced by M. of A. SCOZZAFAVA, TEDISCO -- Multi-Sponsored by -- M. of A. BACALLES, BARCLAY, CALHOUN, CONTE, CROUCH, DUPREY, FINCH, OAKS, O'MARA, REILICH, SAYWARD, TOWNSEND, WALKER -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to establishing a home heating costs 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 (qq) to read as follows: 3 (QQ) CREDIT FOR HOME HEATING COSTS. (1) CREDIT. A TAXPAYER SHALL BE 4 ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR COSTS 5 INCURRED ON OR AFTER JANUARY FIRST, TWO THOUSAND NINE BY A TAXPAYER 6 WHICH ARE DIRECTLY ASSOCIATED WITH SUCH TAXPAYER'S HOME HEATING COSTS, 7 IN HIS OR HER PRINCIPAL RESIDENCE, IF SUCH RESIDENCE IS LOCATED IN THIS 8 STATE, WHEN SUCH HEATING COSTS EXCEED FIVE PERCENT OF THEIR NEW YORK 9 ADJUSTED GROSS INCOME. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE 10 FOLLOWING: 11 (A) FOR INCOMES LESS THAN NINETY THOUSAND DOLLARS, THE CREDIT IS EQUAL 12 TO EIGHTY PERCENT OF THE TOTAL HEATING COSTS THAT EXCEED FIVE PERCENT OF 13 THEIR NEW YORK ADJUSTED GROSS INCOME. 14 (B) FOR INCOMES EQUAL TO OR GREATER THAN NINETY THOUSAND DOLLARS BUT 15 LESS THAN ONE HUNDRED FIFTY THOUSAND DOLLARS, THE CREDIT IS EQUAL TO 16 SEVENTY PERCENT OF THE TOTAL HEATING COSTS THAT EXCEED FIVE PERCENT OF 17 THEIR NEW YORK ADJUSTED GROSS INCOME. 18 (C) FOR INCOMES EQUAL TO OR GREATER THAN ONE HUNDRED FIFTY THOUSAND 19 DOLLARS BUT LESS THAN TWO HUNDRED THOUSAND DOLLARS, THE CREDIT IS EQUAL 20 TO SIXTY PERCENT OF THE TOTAL HEATING COSTS THAT EXCEED FIVE PERCENT OF 21 THEIR NEW YORK ADJUSTED GROSS INCOME. 22 (D) FOR INCOMES EQUAL TO OR GREATER THAN TWO HUNDRED THOUSAND DOLLARS 23 BUT LESS THAN TWO HUNDRED FIFTY THOUSAND DOLLARS, THE CREDIT IS EQUAL TO EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04489-01-9 A. 6554 2 1 FIFTY PERCENT OF THE TOTAL HEATING COSTS THAT EXCEED FIVE PERCENT OF 2 THEIR NEW YORK ADJUSTED GROSS INCOME. 3 (2) MULTIPLE TAXPAYERS. IF THE PRINCIPAL RESIDENCE IS SHARED BY TWO OR 4 MORE TAXPAYERS, THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION 5 FOR EACH SUCH ELIGIBLE TAXPAYER SHALL BE PRORATED ACCORDING TO THE 6 PERCENTAGE OF THE TOTAL EXPENDITURE INCURRED BY EACH TAXPAYER. 7 S 2. This act shall take effect immediately and shall apply to taxable 8 years beginning on and after January 1, 2009.