Assemblyman Bob Oaks (R,C-Macedon) today applauded Gov. George Pataki for helping New York’s consumers and motorists by signing into law over the weekend legislation capping the state gas sales tax at 8 cents per gallon.
“Everyone is feeling the pain at the pumps these days, from consumers paying higher prices for goods shipped to their homes to commuters spending more of their discretionary income on the daily drive to work. This is a huge first step in giving everyone the relief they deserve,” said Oaks.
The legislation, to take effect June 1, will save consumers an estimated $450 million per year. A motorist pumping 20 gallons of gas into a vehicle would save a total of $1.60 in sales taxes for gas costing $3 per gallon. Individual counties will have the option of also capping the local portion of sales tax to save consumers additional money on each gallon of gas.
“We didn’t just stop at the gas tax. I wanted to deliver savings to homeowners who take advantage of energy-saving appliances, too,” said Oaks.
The new law also includes a personal income tax credit up to $500 for installation of new Energy Star-labeled, energy-efficient, home heating systems.
“It is my hope that, through less demand for petroleum-based fuels and the development of more alternative fuels, we will achieve a cleaner environment, use less energy, become less dependent on foreign oil and help drive down costs. New jobs and business opportunities will be created as a direct result of this initiative. By focusing on alternative energy New York can be a leader in the expanded use of agricultural products for bio diesel and ethanol, as well as the development of additional renewable energy sources,” concluded Oaks.