Bill Text: NY A06946 | 2009-2010 | General Assembly | Introduced

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Bill Title: Authorizes a tax credit for qualified fuel expenses resulting from personal, non-business vehicle use on a public highway.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced - Dead) 2010-07-01 - held for consideration in ways and means [A06946 Detail]

Download: New_York-2009-A06946-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6946
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 17, 2009
                                      ___________
       Introduced  by  M. of A. ORTIZ, EDDINGTON, HOOPER, GREENE -- Multi-Spon-
         sored by -- M. of A.  BOYLAND, MAGEE, SCHIMMINGER, WEISENBERG --  read
         once and referred to the Committee on Ways and Means
       AN  ACT  to amend the tax law, in relation to creating a personal income
         tax credit for fuel used for non-business purposes
         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 (u) to read as follows:
    3    (U) PERSONAL VEHICLE FUEL CREDIT. (1) ALLOWANCE OF CREDIT. A  TAXPAYER
    4  IS  ALLOWED  A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR QUALI-
    5  FIED FUEL EXPENSES IN AN AMOUNT AS DETERMINED IN ACCORDANCE  WITH  PARA-
    6  GRAPH TWO OF THIS SUBSECTION.
    7    (2)  AMOUNT  OF CREDIT. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE
    8  TOTAL COST OF THE QUALIFIED  FUEL  EXPENSES  ACTUALLY  INCURRED  BY  THE
    9  TAXPAYER FOR THE TAXABLE YEAR SUBJECT TO THE FOLLOWING RESTRICTIONS.
   10    (I) IF A TAXPAYER HAS A GROSS INCOME EQUAL TO OR MORE THAN TWENTY-FIVE
   11  THOUSAND  DOLLARS,  THE  AMOUNT  OF THE CREDIT SHALL BE NO MORE THAN ONE
   12  HUNDRED DOLLARS.
   13    (II) IF  A  TAXPAYER  HAS  A  GROSS  INCOME  EQUAL  TO  OR  MORE  THAN
   14  TWENTY-THREE   THOUSAND  DOLLARS  BUT  LESS  THAN  TWENTY-FIVE  THOUSAND
   15  DOLLARS, THE AMOUNT OF THE CREDIT SHALL BE  NO  MORE  THAN  ONE  HUNDRED
   16  THIRTY DOLLARS.
   17    (III)  IF  A  TAXPAYER  HAS  A  GROSS  INCOME  EQUAL  TO  OR MORE THAN
   18  TWENTY-ONE THOUSAND DOLLARS BUT LESS THAN TWENTY-THREE THOUSAND DOLLARS,
   19  THE AMOUNT OF THE CREDIT  SHALL  BE  NO  MORE  THAN  ONE  HUNDRED  SIXTY
   20  DOLLARS.
   21    (IV)  IF  A TAXPAYER HAS A GROSS INCOME EQUAL TO OR MORE THAN NINETEEN
   22  THOUSAND DOLLARS BUT LESS THAN TWENTY-ONE THOUSAND DOLLARS,  THE  AMOUNT
   23  OF THE CREDIT SHALL BE NO MORE THAN ONE HUNDRED NINETY DOLLARS.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10341-01-9
       A. 6946                             2
    1    (V)  IF  A TAXPAYER HAS A GROSS INCOME EQUAL TO OR MORE THAN SEVENTEEN
    2  THOUSAND DOLLARS BUT LESS THAN NINETEEN THOUSAND DOLLARS, THE AMOUNT  OF
    3  THE CREDIT SHALL BE NO MORE THAN TWO HUNDRED TWENTY DOLLARS.
    4    (VI)  IF  A  TAXPAYER HAS A GROSS INCOME EQUAL TO OR MORE THAN FIFTEEN
    5  THOUSAND DOLLARS BUT LESS THAN SEVENTEEN THOUSAND DOLLARS, THE AMOUNT OF
    6  THE CREDIT SHALL BE NO MORE THAN TWO HUNDRED FIFTY DOLLARS.
    7    (VII) IF A TAXPAYER HAS A GROSS  INCOME  LESS  THAN  FIFTEEN  THOUSAND
    8  DOLLARS,  THE  AMOUNT  OF THE CREDIT SHALL BE NO MORE THAN THREE HUNDRED
    9  DOLLARS.
   10    (VIII) FOR THE PURPOSES OF MARRIED INDIVIDUALS FILING  JOINT  RETURNS,
   11  EACH INDIVIDUAL IS ENTITLED TO RECEIVE THE CREDIT PROPORTIONATE TO THEIR
   12  GROSS  INCOME PROVIDED THAT IT WAS THE INDIVIDUAL THAT ACTUALLY INCURRED
   13  THE QUALIFIED FUEL EXPENSE.
   14    (3) APPLICATION. (I) THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR  ANY
   15  TAXABLE  YEAR  SHALL  NOT  REDUCE THE TAX DUE FOR SUCH YEAR TO LESS THAN
   16  ZERO. ANY UNUSED PORTION OF THE CREDIT SHALL NOT  BE  REIMBURSED  AS  AN
   17  OVERPAYMENT OF TAXES.
   18    (II) THE CREDIT ALLOWED UNDER THIS SUBSECTION SHALL BE TAKEN AFTER ALL
   19  OTHER APPLICABLE CREDITS HAVE FIRST BEEN TAKEN.
   20    (III)  ANY  UNUSED  PORTION OF THE CREDIT SHALL NOT BE CARRIED OVER TO
   21  SUBSEQUENT TAXABLE YEARS.
   22    (4) DEFINITIONS. QUALIFIED FUEL EXPENSE  MEANS  AMOUNTS  PAID  BY  THE
   23  TAXPAYER  FOR A TAXABLE FUEL FOR A PERSONAL, NON-BUSINESS USE IN A VEHI-
   24  CLE ON A PUBLIC HIGHWAY.
   25    S 2. This act shall take effect immediately and shall apply to taxable
   26  years commencing on or after such date.