Bill Text: NY S00099 | 2009-2010 | General Assembly | Introduced

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Bill Title: Provides a tax credit for qualified expenses relating to the purchase of new bicycles up to two hundred fifty dollars.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S00099 Detail]

Download: New_York-2009-S00099-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          99
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                      (PREFILED)
                                    January 7, 2009
                                      ___________
       Introduced  by  Sen. SAMPSON -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in relation to providing a tax  credit  for
         qualified expenses relating to the purchase of a new bicycle
         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)  NEW BICYCLE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
    4  BE COMPUTED AS PROVIDED IN THIS  SUBSECTION,  AGAINST  THE  TAX  IMPOSED
    5  PURSUANT  TO  SECTION  SIX  HUNDRED  ONE OF THIS PART. THE AMOUNT OF THE
    6  CREDIT SHALL EQUAL, UP TO TWO HUNDRED FIFTY DOLLARS PER  HOUSEHOLD,  THE
    7  AMOUNT  PAID  BY  THE  TAXPAYER  DURING  THE  TAXABLE YEAR FOR QUALIFIED
    8  EXPENSES RELATING TO THE PURCHASE OF A NEW BICYCLE.
    9    (2) FOR THE PURPOSES OF THIS SUBSECTION, "QUALIFIED EXPENSES  RELATING
   10  TO  THE  PURCHASE  OF A NEW BICYCLE" SHALL MEAN EXPENSES RELATING TO THE
   11  PURCHASE OF AN ADULT BICYCLE WITH TWENTY-FOUR INCH TIRES OR LARGER OR  A
   12  CHILD  BICYCLE WITH TIRES LESS THAN TWENTY-FOUR INCHES. EACH ADULT BICY-
   13  CLE SHALL RECEIVE A FIFTY DOLLAR TAX CREDIT AND EACH CHILD BICYCLE SHALL
   14  RECEIVE A TWENTY-FIVE DOLLAR TAX CREDIT.
   15    (3) A TAXPAYER WHO IS A PARENT OR LEGAL GUARDIAN, OR ANOTHER  TAXPAYER
   16  FILING A JOINT INDIVIDUAL INCOME TAX RETURN WITH SUCH TAXPAYER, WHO PAID
   17  FOR QUALIFIED EXPENSES RELATING TO THE PURCHASE OF A NEW BICYCLE FOR HIS
   18  OR HER CHILD SHALL BE ALLOWED A TAX CREDIT PURSUANT TO THIS SUBSECTION.
   19    S 2. This act shall take effect immediately and shall apply to taxable
   20  years  beginning  on  and after the first of January next succeeding the
   21  date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD02055-01-9