senate Bill S8522

2021-2022 Legislative Session

Establishes a home heating tax credit; repealer

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee


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

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 08, 2022 referred to budget and revenue

Co-Sponsors

S8522 (ACTIVE) - Details

Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S8522 (ACTIVE) - Summary

Establishes a home heating tax credit for qualified taxpayers with an income of $125,000 or less for single filers, or with a combined income of $250,000 or less for joint filers.

S8522 (ACTIVE) - Sponsor Memo

S8522 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8522
 
                             I N  S E N A T E
 
                               March 8, 2022
                                ___________
 
 Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation to establishing a home  heating
   tax credit; and providing for the repeal of such provisions upon expi-
   ration thereof
 
   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 (11-1) to read as follows:
   (11-1)  HOME  HEATING  TAX CREDIT. (1) FOR PURPOSES OF THIS SUBSECTION
 THE TERM "QUALIFIED TAXPAYER" SHALL MEAN A RESIDENT  INDIVIDUAL  OF  THE
 STATE,  WHO  MAINTAINED  HIS  OR  HER PRIMARY RESIDENCE IN THIS STATE ON
 DECEMBER THIRTY-FIRST OF THE TAXABLE YEAR, AND WHO WAS AN OWNER OF  SUCH
 PROPERTY  ON  SUCH  DATE  OR  RENTERS WHO ARE RESPONSIBLE FOR PAYING FOR
 THEIR OWN HEAT, AND WHO ARE NOT ELIGIBLE FOR THE HOME ENERGY  ASSISTANCE
 PROGRAM.  AN  INDIVIDUAL  SHALL  BE CONSIDERED A QUALIFIED TAXPAYER WITH
 RESPECT TO NO MORE THAN ONE PRIMARY RESIDENCE DURING ANY  GIVEN  TAXABLE
 YEAR.
   (2)  THE  TAX  CREDIT  UNDER  THIS  SUBSECTION  SHALL BE DETERMINED AS
 FOLLOWS:
   (A) FOR SINGLE INDIVIDUALS THAT ARE QUALIFIED TAXPAYERS, A  CREDIT  OF
 THREE  HUNDRED  DOLLARS FOR THOSE WITH INCOME OF ONE HUNDRED TWENTY-FIVE
 THOUSAND DOLLARS OR LESS.
   (B) FOR MARRIED INDIVIDUALS THAT  ARE  QUALIFIED  TAXPAYERS  AND  FILE
 JOINTLY,  A  CREDIT  OF SIX HUNDRED DOLLARS FOR THOSE WITH INCOME OF TWO
 HUNDRED FIFTY THOUSAND DOLLARS OR LESS.
   (3) IF THE AMOUNT OF THE CREDIT ALLOWED UNDER  THIS  SUBSECTION  SHALL
 EXCEED  THE  TAXPAYER'S  TAX  FOR  THE TAXABLE YEAR, THE EXCESS SHALL BE
 TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN  ACCORD-
 ANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS ARTI-
 CLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON. FOR EACH
 YEAR  SUCH  CREDIT  IS  ALLOWED,  ON OR BEFORE OCTOBER FIFTEENTH OF SUCH
 YEAR, OR AS SOON THEREAFTER AS IS PRACTICABLE,  THE  COMMISSIONER  SHALL
 DETERMINE  THE  TAXPAYER'S  ELIGIBILITY  FOR  SUCH  CREDIT UTILIZING THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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