Senate Bill S6140

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

                                  6140

                            I N  S E N A T E

                             January 5, 2012
                               ___________

Introduced  by  Sen.  LANZA  -- 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  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

S. 6140                             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.