Senate Bill S9491

2021-2022 Legislative Session

Enacts the "New York Oil Windfall Profits Tax Act of 2023"

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-S9491 (ACTIVE) - Details

Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Add §301-n, Tax L; add §99-pp, St Fin L
Versions Introduced in 2023-2024 Legislative Session:
S7953

2021-S9491 (ACTIVE) - Summary

Enacts the "New York Oil Windfall Profits Tax Act"; establishes an excise tax on barrels of taxable crude oil at a rate of fifty percent times the excess of the average price of crude oil in the taxable year and the average price of crude oil between 2015 and 2019.

2021-S9491 (ACTIVE) - Sponsor Memo

2021-S9491 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9491
 
                             I N  S E N A T E
 
                               June 29, 2022
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law and the state finance law,  in  relation  to
   enacting the "New York Oil Windfall Profits Tax Act of 2023"
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. This act may be cited as the "New York Oil Windfall Profits
 Tax Act of 2023".
   § 2. The tax law is amended by adding a new section 301-n to  read  as
 follows:
   § 301-N. WINDFALL PROFITS TAX. (A) IMPOSITION OF TAX.  NOTWITHSTANDING
 ANY OTHER PROVISION OF LAW, RULE OR REGULATION TO THE CONTRARY, IN ADDI-
 TION TO ANY OTHER TAX IMPOSED UNDER THIS ARTICLE, IN EACH CALENDAR QUAR-
 TER THERE IS HEREBY IMPOSED ON ANY COVERED TAXPAYER AN EXCISE TAX AT THE
 RATE DETERMINED UNDER SUBDIVISION (B) OF THIS SECTION ON:
   (1)  EACH BARREL OF TAXABLE CRUDE OIL EXTRACTED BY THE TAXPAYER WITHIN
 THE STATE AND REMOVED FROM THE PROPERTY  OF  SUCH  TAXPAYER  DURING  THE
 CALENDAR QUARTER, AND
   (2) EACH BARREL OF TAXABLE CRUDE OIL ENTERED INTO THE STATE DURING THE
 CALENDAR QUARTER BY THE TAXPAYER FOR CONSUMPTION, USE OR WAREHOUSING.
   (B) RATE OF TAX. THE RATE OF TAX IMPOSED BY THIS SECTION ON ANY BARREL
 OF TAXABLE CRUDE OIL FOR ANY CALENDAR QUARTER IS THE PRODUCT OF:
   (1) FIFTY PERCENT, AND
   (2) THE EXCESS, IF ANY, OF:
   (A)  THE AVERAGE PRICE OF A BARREL OF BRENT CRUDE OIL OVER THE COVERED
 CALENDAR QUARTER, OVER
   (B) THE AVERAGE PRICE OF A BARREL OF BRENT CRUDE OIL OVER  THE  PERIOD
 BEGINNING ON JANUARY FIRST, TWO THOUSAND FIFTEEN, AND ENDING ON DECEMBER
 THIRTY-FIRST, TWO THOUSAND NINETEEN.
   (C)  WITHHOLDING  AND  DEPOSIT  OF TAX. THE COMMISSIONER SHALL PROVIDE
 SUCH RULES AS ARE NECESSARY FOR THE WITHHOLDING AND DEPOSIT OF  THE  TAX
 IMPOSED UNDER THIS SECTION ON ANY TAXABLE CRUDE OIL.
   (D)  RECORDS  AND INFORMATION. EACH TAXPAYER LIABLE FOR TAX UNDER THIS
 SECTION SHALL KEEP SUCH RECORDS, MAKE SUCH  RETURNS,  AND  FURNISH  SUCH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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