S T A T E O F N E W Y O R K
________________________________________________________________________
8964
I N A S S E M B L Y
January 10, 2012
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Introduced by M. of A. CUSICK, TITONE, MALLIOTAKIS, TOBACCO -- read once
and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a personal
income tax credit for certain tolls and fares paid for the use of
transportation facilities operated by the port authority of New York
and New Jersey
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 (uu) to read as follows:
(UU) PORT AUTHORITY TOLL CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER
SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE EQUAL
TO TWENTY PERCENT OF (A) ANY TOLLS PAID BY THE TAXPAYER DURING THE TAX
YEAR FOR THE OPERATION OF A MOTOR VEHICLE ACROSS A BRIDGE OR THROUGH A
TUNNEL PROJECT OR IMPROVEMENT THAT IS MAINTAINED AND OPERATED BY THE
PORT AUTHORITY OF NEW YORK AND NEW JERSEY, AND (B) ANY FARES PAID BY
THE TAXPAYER DURING THE TAX YEAR FOR THE CARRIAGE OF A PASSENGER BY
PASSENGER RAIL SERVICE OVER A RAILROAD OR THROUGH A TUBE OR TUNNEL
PROJECT OR IMPROVEMENT THAT IS MAINTAINED AND OPERATED BY THE PORT
AUTHORITY OF NEW YORK AND NEW JERSEY OR ANY SUBSIDIARY THEREOF; IF IN
THE AGGREGATE, SUCH TOLLS AND FARES PAID BY THE TAXPAYER DURING THE TAX
YEAR EXCEED TWO PERCENT OF SUCH TAXPAYER'S FEDERAL ADJUSTED GROSS INCOME
FOR SUCH TAX YEAR.
(2) NO CREDIT SHALL BE GRANTED PURSUANT TO THIS SUBSECTION FOR TOLLS
OR FARES:
(A) PAID AS A FINE, ADMINISTRATIVE FEE OR OTHER TYPE OF PAYMENT MADE
FOR VIOLATION OF A TOLL OR FARE;
(B) PAID AS AN ADMINISTRATIVE FEE, PROCESSING FEE OR OTHER PAYMENT FOR
THE PURPOSE OF ESTABLISHING AN ELECTRONIC TOLLING ACCOUNT, ACQUIRING
ELECTRONIC TOLLING EQUIPMENT OR ANY OTHER ADMINISTRATIVE PURPOSE;
(C) REIMBURSED TO THE TAXPAYER BY OR FOR THE TAXPAYER'S EMPLOYER;
(D) DEDUCTIBLE BY THE TAXPAYER FROM FEDERAL ADJUSTED GROSS INCOME AS
AN UNREIMBURSED EMPLOYEE EXPENSE PURSUANT TO SECTION 162 OF THE FEDERAL
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13907-01-2
A. 8964 2
INTERNAL REVENUE CODE, WITHOUT REGARD TO ANY LIMITS OR FLOOR DETERMINED
PURSUANT TO SECTION 67 OF SUCH CODE, EVEN IF NOT SO DEDUCTED;
(E) DEDUCTIBLE IN DETERMINING TAXABLE INCOME OF A BUSINESS CORPORATION
PURSUANT TO ARTICLE NINE-A OF THIS CHAPTER; AND
(F) DEDUCTIBLE IN DETERMINING THE TAXABLE INCOME OF THE TAXPAYER
PURSUANT TO ANY OTHER PROVISION OF THIS ARTICLE.
(3) IF DURING ANY TAX YEAR, THE TAX CREDIT GRANTED PURSUANT TO THIS
SUBSECTION EXCEEDS TAX AS REDUCED BY ALL OTHER CREDITS GRANTED PURSUANT
TO THIS ARTICLE, THE TAXPAYER MAY RECEIVE, AND THE COMPTROLLER, SUBJECT
TO A CERTIFICATE OF THE COMMISSIONER, SHALL PAY AS AN OVERPAYMENT, WITH-
OUT INTEREST, THE AMOUNT OF SUCH EXCESS.
S 2. This act shall take effect immediately and shall apply to tax
years commencing on or after January 1, 2012.