senate Bill S525

2013-2014 Legislative Session

Provides a tax credit for qualified expenses relating to the purchase of a new bicycle

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to investigations and government operations
Jan 09, 2013 referred to investigations and government operations

S525 - Details

Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1708
2009-2010: S99

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

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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