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.
feedback