senate Bill S4880C
(R, C, IP) 0 Senate District
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Establishes a motor fuel and Diesel motor fuel holiday tax credit to be taken against personal income taxes for certain summer holiday weekends.
TITLE OF BILL:
to amend the tax law,
in relation to establishing a motor fuel holiday tax credit for the
2012 tax year
This legislation will remove New York State fuel sales taxes on the
specific holiday weekends of Memorial Day, Independence Day and Labor
Day during the summer months of 2012.
SUMMARY OF PROVISIONS:
Section One - amends section 606 tax law by adding a new subsection
(uu). (uu) Motor fuel holiday tax credit. (1) Residents. For the tax
year beginning on January 1, 2012 and ending before January 1, 2013, a
tax payer shall be allowed a credit, to be computed as provided in
paragraph four of this subsection, against the taxes imposed by this
article for taxes paid upon motor fuel and diesel motor fuel tax
provided, that such credit shall not exceed twenty-five dollars. If
the amount of credit allowable under this subsection for any tax year
shall exceed the taxpayer's tax for such year, the excess may be
carried over to the following year or years and may be deducted from
the taxpayer's tax for such year or years.
Section One - also states (2) Nonresidents. In the case of a
nonresident taxpayer or a part-year resident taxpayer, the credit
determined under this subsection shall be limited to the amount
determined by multiplying the amount of such credit by the New York
source fraction as set forth in paragraph three of subsection (e) of
section six hundred one of this article. The credit as so limited
shall be applied as provided in paragraph one of this subsection.
Section One - defines "Motor fuel tax holiday" shall mean (i) the
period commencing on the Friday immediately preceding Memorial day
and ending on the first Tuesday after Memorial day; (ii) the period
commencing on the Friday immediately preceding the fourth of July and
ending on the first Monday after the fourth of July; and (iii) the
period commencing on the Friday immediately preceding Labor day and
ending on the first Tuesday following Labor day. "Diesel motor fuel"
and "motor fuel" shall have the same meanings, and "filling station"
shall have the same meaning as section 282 of this chapter.
Section One - states that the credit computation for the purchase of
motor fuel, the credit shall equal the product of 33 cents multiplied
by the number of gallon of gasoline purchased in this state during a
motor fuel tax holiday, provided that such claim is supported by
receipts listing the number of gallons purchased and the location of
the filling station where such motor fuel was purchased. For the
purchase of diesel motor fuel, the credit shall equal the product of
32 cents multiplied by the number of gallons of diesel motor fuel
purchased in this state during a motor fuel tax holiday, provided
that such claim is supported by receipts listing the number of
gallons purchased and the location of the filling station where such
diesel motor fuel was purchased.
Section Two - this act shall take effect immediately.
Whether brought on by market tensions or mere speculation, New Yorkers
are being negatively impacted by rising gas prices. Projections
estimate gas prices could reach five dollars a gallon by summer,
perhaps even higher.
This legislation would suspend the three separate state taxes on fuel
the 8-cent excise tax, the 8-cent sales tax and the 17-cent Petroleum
Business Tax - during the busy four-day Memorial Day, Independence
Day and Labor Day holiday weekends, providing consumers an immediate
savings of 33-cents per gallon of gasoline - about $5 to $6 a fill-up.
While other countries are getting rich at our expense, Our blue collar
families and small business owners are being mugged. Governments
should not smile and watch their government coffers grow as taxpayer
misery skyrockets with ever increasing gas prices.
New York prides itself on the colorful diversity of vacation spots
throughout the state. Whether it is camping in the Adirondacks, going
to the Saratoga Race Track, hitting the beaches in Coney Island,
seeing a show on Broadway or touring the grape growing regions of
central and western New York, as a state we have so much to offer.
As we come closer to the busy summer travel season, it is often on the
Memorial Day, Independence Day and Labor Day four-day weekends that
New Yorkers have the opportunity to take a vacation and spend time
traveling. This legislation helps people across the State of New York
enjoy their time off with families, while giving our local economy a
This is a new bill.
Approximately $60 million to the state.
Immediately, with provisions.
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