Bill Text: NY S04019 | 2015-2016 | 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) 2015-02-25 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S04019 Detail]

Download: New_York-2015-S04019-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4019
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   February 25, 2015
                                      ___________
       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 (ccc) to read as follows:
    3    (CCC) 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.
                                                                  LBD09099-01-5