S T A T E O F N E W Y O R K
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6322
2011-2012 Regular Sessions
I N A S S E M B L Y
March 14, 2011
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Introduced by M. of A. BLANKENBUSH, BARCLAY, D. MILLER, MONTESANO, SALA-
DINO -- Multi-Sponsored by -- M. of A. CALHOUN, CROUCH, McLAUGHLIN,
MOLINARO, PALMESANO, SAYWARD -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a home heating
costs credit
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 (ss) to read as follows:
(SS) CREDIT FOR HOME HEATING COSTS. (1) CREDIT. A TAXPAYER SHALL BE
ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR COSTS
INCURRED ON OR AFTER JANUARY FIRST, TWO THOUSAND ELEVEN BY A TAXPAYER
WHICH ARE DIRECTLY ASSOCIATED WITH SUCH TAXPAYER'S HOME HEATING COSTS,
IN HIS OR HER PRINCIPAL RESIDENCE, IF SUCH RESIDENCE IS LOCATED IN THIS
STATE, WHEN SUCH HEATING COSTS EXCEED FIVE PERCENT OF THEIR NEW YORK
ADJUSTED GROSS INCOME. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE
FOLLOWING:
(A) FOR INCOMES LESS THAN NINETY THOUSAND DOLLARS, THE CREDIT IS EQUAL
TO EIGHTY PERCENT OF THE TOTAL HEATING COSTS THAT EXCEED FIVE PERCENT OF
THEIR NEW YORK ADJUSTED GROSS INCOME.
(B) FOR INCOMES EQUAL TO OR GREATER THAN NINETY THOUSAND DOLLARS BUT
LESS THAN ONE HUNDRED FIFTY THOUSAND DOLLARS, THE CREDIT IS EQUAL TO
SEVENTY PERCENT OF THE TOTAL HEATING COSTS THAT EXCEED FIVE PERCENT OF
THEIR NEW YORK ADJUSTED GROSS INCOME.
(C) FOR INCOMES EQUAL TO OR GREATER THAN ONE HUNDRED FIFTY THOUSAND
DOLLARS BUT LESS THAN TWO HUNDRED THOUSAND DOLLARS, THE CREDIT IS EQUAL
TO SIXTY PERCENT OF THE TOTAL HEATING COSTS THAT EXCEED FIVE PERCENT OF
THEIR NEW YORK ADJUSTED GROSS INCOME.
(D) FOR INCOMES EQUAL TO OR GREATER THAN TWO HUNDRED THOUSAND DOLLARS
BUT LESS THAN TWO HUNDRED FIFTY THOUSAND DOLLARS, THE CREDIT IS EQUAL TO
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09371-01-1
A. 6322 2
FIFTY PERCENT OF THE TOTAL HEATING COSTS THAT EXCEED FIVE PERCENT OF
THEIR NEW YORK ADJUSTED GROSS INCOME.
(2) MULTIPLE TAXPAYERS. IF THE PRINCIPAL RESIDENCE IS SHARED BY TWO OR
MORE TAXPAYERS, THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION
FOR EACH SUCH ELIGIBLE TAXPAYER SHALL BE PRORATED ACCORDING TO THE
PERCENTAGE OF THE TOTAL EXPENDITURE INCURRED BY EACH TAXPAYER.
S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2011.