A05886 Summary:

BILL NO    A05886 

SAME AS    No Same as 

SPONSOR    Kavanagh

COSPNSR    

MLTSPNSR   

Amd S606, Tax L

Provides for a transportation credit for commuters residing within this state
and employed or self-employed within a large city, i.e. population over one
million; provides that such credit is equal to one percent of wages and
self-employment income earned within New York city.
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A05886 Actions:

BILL NO    A05886 

03/05/2015 referred to ways and means
01/06/2016 referred to ways and means
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A05886 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A5886
 
SPONSOR: Kavanagh
  TITLE OF BILL: An act to amend the tax law, in relation to establishing a transporta- tion credit for those employed in large cities   PURPOSE: The purpose of this bill is to provide a State income tax credit to defray transportation costs for commuters who are employed or self-em- ployed in New York City.   SUMMARY OF PROVISIONS: Section 1 of the bill provides a transportation credit for individuals commuting to New York City for work. The credit is equal to 1 percent of wages and self-employment income earned within New York City. Section 2 establishes the effective date.   JUSTIFICATION: Many New Yorkers incur significant expenses traveling to and from New York City each day. In 2013, it was reported that The U.S. Department of Labor found that average commuters spend more than $1,100 a year to commute to Manhattan using public transportation, while drivers spend over $2,200 on fuel, and that this figure excludes tolls (Stephanie Landsman, NYC's 'Extreme Commuting' Costs Getting out of Control, CNBC Nov. 9, 2013, www.cnbc.com/id/101155916). This tax credit against the New York State income tax would compensate commuters for transportation costs that are related to employment in New York City. The enactment of this targeted subsidy to defray transporta- tion expenses would promote the economic development of the region.   LEGISLATIVE HISTORY: 2014: A00161 (Kavanagh) - Ways and Means 2013: A00161 (Kavanagh) - Ways and Means 2012: A06184 (Kavanagh) - Ways and Means 2011: A06184 (Kavanagh) - Ways and Means 2010: A00747 (Kavanagh) - Ways and Means 2009: A00747 (Kavanagh) - Ways and Means 2008: A08457 (Kavanagh) - Ways and Means 2007: A08457 (Kavanagh) - Ways and Means   FISCAL IMPACT ON THE STATE: The transportation credit is estimated to provide taxpayer savings of $510 million per year.   EFFECTIVE DATE: This act shall take effect immediately and shall apply to all taxable years beginning on or after the first of January next succeeding the date on which this act shall have become law.
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