|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to investigations and government operations|
|Jan 09, 2013||referred to investigations and government operations|
senate Bill S525
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S525 - Details
S525 - Summary
Provides a tax credit for qualified expenses relating to the purchase of new bicycles up to two hundred fifty dollars.
S525 - Sponsor Memo
BILL NUMBER:S525 TITLE OF BILL: An act to amend the tax law, in relation to providing a tax credit for qualified expenses relating to the purchase of a new bicycle PURPOSE: To amend section 606 of the tax law to allow persons who purchase a bicycle(s) to receive a tax credit. SUMMARY OF PROVISIONS: Section 606 of the tax law is amended to provide taxpayers who purchase a bicycle (s) for themselves or their children a tax credit of up to $250 per household. Section 2 defines "qualified expenses related to the purchase of a new bicycle" and also defines "adult bicycle" & "child bicycle". Sets the amount of the tax credit at $50 per adult bicycle and $25 per child bicycle up to a maximum of $250. Section 3 includes the purchase of a bicycle for a child in the household shall be eligible for the credit. JUSTIFICATION: New York State ranks 34th in adult obesity with a rate
S525 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 525 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. SAMPSON -- 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 providing a tax credit for qualified expenses relating to the purchase of a new bicycle 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 (vv) to read as follows: (VV) NEW BICYCLE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED PURSUANT TO SECTION SIX HUNDRED ONE OF THIS PART. THE AMOUNT OF THE CREDIT SHALL EQUAL, UP TO TWO HUNDRED FIFTY DOLLARS PER HOUSEHOLD, THE AMOUNT PAID BY THE TAXPAYER DURING THE TAXABLE YEAR FOR QUALIFIED EXPENSES RELATING TO THE PURCHASE OF A NEW BICYCLE. (2) FOR THE PURPOSES OF THIS SUBSECTION, "QUALIFIED EXPENSES RELATING TO THE PURCHASE OF A NEW BICYCLE" SHALL MEAN EXPENSES RELATING TO THE PURCHASE OF AN ADULT BICYCLE WITH TWENTY-FOUR INCH TIRES OR LARGER OR A CHILD BICYCLE WITH TIRES LESS THAN TWENTY-FOUR INCHES. EACH ADULT BICY- CLE SHALL RECEIVE A FIFTY DOLLAR TAX CREDIT AND EACH CHILD BICYCLE SHALL RECEIVE A TWENTY-FIVE DOLLAR TAX CREDIT. (3) A TAXPAYER WHO IS A PARENT OR LEGAL GUARDIAN, OR ANOTHER TAXPAYER FILING A JOINT INDIVIDUAL INCOME TAX RETURN WITH SUCH TAXPAYER, WHO PAID FOR QUALIFIED EXPENSES RELATING TO THE PURCHASE OF A NEW BICYCLE FOR HIS OR HER CHILD SHALL BE ALLOWED A TAX CREDIT PURSUANT TO THIS SUBSECTION. S 2. This act shall take effect immediately and shall apply to taxable years beginning on and after the first of January next succeeding the date on which it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02205-01-3
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