Assembly Bill A10394

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10394
 
                           I N  A S S E M B L Y
 
                               March 3, 2026
                                ___________
 
 Introduced  by M. of A. RA -- read once and referred to the Committee on
   Ways and Means
 
 AN ACT to amend the tax law, in relation to establishing an energy price
   refund credit
 
   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 (uuu) to read as follows:
   (UUU) ENERGY PRICE REFUND CREDIT. (1) A TAXPAYER WHO MEETS THE  ELIGI-
 BILITY  STANDARDS IN PARAGRAPH TWO OF THIS SUBSECTION SHALL BE ALLOWED A
 CREDIT AGAINST THE TAXES IMPOSED BY THIS ARTICLE IN THE AMOUNT SPECIFIED
 IN PARAGRAPH THREE OF THIS SUBSECTION FOR TAX YEAR TWO THOUSAND  TWENTY-
 SIX.
   (2)  TO  BE ELIGIBLE FOR THE CREDIT, THE TAXPAYER (OR TAXPAYERS FILING
 JOINT RETURNS) (A) MUST HAVE BEEN A FULL-YEAR RESIDENT IN THE  STATE  OF
 NEW YORK IN TAX YEAR TWO THOUSAND TWENTY-FOUR, (B) (I) MUST HAVE HAD NEW
 YORK  ADJUSTED GROSS INCOME OF THREE HUNDRED THOUSAND DOLLARS OR LESS IN
 TAX YEAR TWO THOUSAND TWENTY-FOUR IF THEY FILED A NEW YORK  STATE  RESI-
 DENT  INCOME  TAX RETURN AS MARRIED TAXPAYERS FILING JOINTLY OR A QUALI-
 FIED SURVIVING SPOUSE, OR (II) MUST HAVE HAD  NEW  YORK  ADJUSTED  GROSS
 INCOME  OF  ONE  HUNDRED  FIFTY THOUSAND DOLLARS OR LESS IN TAX YEAR TWO
 THOUSAND TWENTY-FOUR IF THEY FILED A NEW YORK STATE RESIDENT INCOME  TAX
 RETURN  AS A SINGLE TAXPAYER, MARRIED TAXPAYER FILING A SEPARATE RETURN,
 OR HEAD OF HOUSEHOLD, AND (C) MUST NOT HAVE BEEN CLAIMED AS A  DEPENDENT
 BY ANOTHER TAXPAYER IN TAX YEAR TWO THOUSAND TWENTY-FOUR.
   (3) AMOUNT OF CREDIT. (A) FOR TAXPAYERS WHO MEET THE ELIGIBILITY STAN-
 DARDS  IN  PARAGRAPH  TWO  OF THIS SUBSECTION WHO FILED A NEW YORK STATE
 RESIDENT INCOME TAX RETURN AS MARRIED  TAXPAYERS  FILING  JOINTLY  OR  A
 QUALIFIED  SURVIVING  SPOUSE, (I) WITH NEW YORK ADJUSTED GROSS INCOME OF
 GREATER THAN ONE HUNDRED FIFTY THOUSAND  DOLLARS  BUT  NO  GREATER  THAN
 THREE HUNDRED THOUSAND DOLLARS IN TAX YEAR TWO THOUSAND TWENTY-FOUR, THE
 CREDIT  AMOUNT  SHALL  BE  THREE  HUNDRED DOLLARS, OR (II) WITH NEW YORK
 ADJUSTED GROSS INCOME OF NO GREATER  THAN  ONE  HUNDRED  FIFTY  THOUSAND
 DOLLARS IN TAX YEAR TWO THOUSAND TWENTY-FOUR, THE CREDIT AMOUNT SHALL BE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14901-01-6
 A. 10394                            2

 FOUR  HUNDRED  DOLLARS,  AND  (B) FOR TAXPAYERS WHO MEET THE ELIGIBILITY
 STANDARDS IN PARAGRAPH TWO OF THIS SUBSECTION WHO FILED A NEW YORK STATE
 RESIDENT INCOME TAX RETURN AS A SINGLE TAXPAYER, MARRIED TAXPAYER FILING
 A  SEPARATE  RETURN,  OR  HEAD  OF HOUSEHOLD, (I) WITH NEW YORK ADJUSTED
 GROSS INCOME OF GREATER THAN SEVENTY-FIVE THOUSAND DOLLARS BUT NO GREAT-
 ER THAN ONE HUNDRED FIFTY THOUSAND DOLLARS  IN  TAX  YEAR  TWO  THOUSAND
 TWENTY-FOUR,  THE  CREDIT  AMOUNT SHALL BE ONE HUNDRED FIFTY DOLLARS, OR
 (II) WITH NEW YORK ADJUSTED GROSS INCOME OF NO GREATER THAN SEVENTY-FIVE
 THOUSAND DOLLARS IN TAX YEAR TWO THOUSAND TWENTY-FOUR, THE CREDIT AMOUNT
 SHALL BE TWO HUNDRED DOLLARS.
   (4) THE AMOUNT OF THE CREDIT SHALL BE TREATED AS AN OVERPAYMENT OF TAX
 TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF  SECTION
 SIX  HUNDRED  EIGHTY-SIX  OF  THIS  ARTICLE,  PROVIDED, HOWEVER, THAT NO
 INTEREST SHALL BE PAID THEREON. THE  COMMISSIONER  SHALL  DETERMINE  THE
 TAXPAYER'S  ELIGIBILITY FOR THIS CREDIT UTILIZING THE INFORMATION AVAIL-
 ABLE TO THE COMMISSIONER ON THE TAXPAYER'S PERSONAL  INCOME  TAX  RETURN
 FILED  FOR  TAX  YEAR TWO THOUSAND TWENTY-FOUR. FOR THOSE TAXPAYERS WHOM
 THE COMMISSIONER HAS DETERMINED ELIGIBLE FOR THIS  CREDIT,  THE  COMMIS-
 SIONER  SHALL  ADVANCE  A  PAYMENT  IN THE AMOUNT SPECIFIED IN PARAGRAPH
 THREE OF THIS SUBSECTION. A TAXPAYER WHO FAILED TO  RECEIVE  AN  ADVANCE
 PAYMENT  THAT  THEY  BELIEVE WAS DUE, OR WHO RECEIVED AN ADVANCE PAYMENT
 THAT THEY BELIEVE IS LESS THAN THE AMOUNT  THAT  WAS  DUE,  MAY  REQUEST
 PAYMENT  OF THE CLAIMED DEFICIENCY IN A MANNER PRESCRIBED BY THE COMMIS-
 SIONER.
   § 2. Notwithstanding any provision of law to the contrary, any  credit
 paid  pursuant to this act, to the extent includible in gross income for
 federal income tax purposes, shall not be  subject  to  state  or  local
 income tax.
   § 3. This act shall take effect immediately.