Assembly Bill A8431

2015-2016 Legislative Session

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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-A8431 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2009-2010: A6946
2011-2012: A1326
2013-2014: A2909
2017-2018: A3191
2019-2020: A3142

2015-A8431 (ACTIVE) - Summary

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

2015-A8431 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8431

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             October 9, 2015
                               ___________

Introduced  by  M. of A. ORTIZ, HOOPER -- Multi-Sponsored by -- M. of A.
  MAGEE, SCHIMMINGER -- 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:

  Section  1.  Section  606  of  the  tax law is amended by adding a new
subsection (ccc) to read as follows:
  (CCC) PERSONAL VEHICLE FUEL CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAY-
ER IS ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR QUAL-
IFIED FUEL EXPENSES IN AN AMOUNT AS DETERMINED IN ACCORDANCE WITH  PARA-
GRAPH TWO OF THIS SUBSECTION.
  (2)  AMOUNT  OF CREDIT. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE
TOTAL COST OF THE QUALIFIED  FUEL  EXPENSES  ACTUALLY  INCURRED  BY  THE
TAXPAYER FOR THE TAXABLE YEAR SUBJECT TO THE FOLLOWING RESTRICTIONS.
  (I) IF A TAXPAYER HAS A GROSS INCOME EQUAL TO OR MORE THAN TWENTY-FIVE
THOUSAND  DOLLARS,  THE  AMOUNT  OF THE CREDIT SHALL BE NO MORE THAN ONE
HUNDRED DOLLARS.
  (II) IF  A  TAXPAYER  HAS  A  GROSS  INCOME  EQUAL  TO  OR  MORE  THAN
TWENTY-THREE   THOUSAND  DOLLARS  BUT  LESS  THAN  TWENTY-FIVE  THOUSAND
DOLLARS, THE AMOUNT OF THE CREDIT SHALL BE  NO  MORE  THAN  ONE  HUNDRED
THIRTY DOLLARS.
  (III)  IF  A  TAXPAYER  HAS  A  GROSS  INCOME  EQUAL  TO  OR MORE THAN
TWENTY-ONE THOUSAND DOLLARS BUT LESS THAN TWENTY-THREE THOUSAND DOLLARS,
THE AMOUNT OF THE CREDIT  SHALL  BE  NO  MORE  THAN  ONE  HUNDRED  SIXTY
DOLLARS.
  (IV)  IF  A TAXPAYER HAS A GROSS INCOME EQUAL TO OR MORE THAN NINETEEN
THOUSAND DOLLARS BUT LESS THAN TWENTY-ONE THOUSAND DOLLARS,  THE  AMOUNT
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.
                                                           LBD04700-01-5

              

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