Giglio, Assembly Minority Conference Announce Legislation to Offset Expected Record Home Heating Fuel Costs
May 28, 2008
Assemblyman Joe Giglio (R,I,C-Gowanda) today joined the Assembly Minority Conference to announce the introduction of several legislative initiatives that will help offset the anticipated record increases in the cost of home heating fuel this fall/winter. “Fuel prices are at historic highs, and it’s very likely that this will lead to record prices for home heating this winter as well,” said Giglio. “That’s why it’s important that we take steps now to protect residents and ensure that seniors and working families can afford to stay warm during the winter months. These initiatives are a step in the right direction, and can ensure the safety of many families on a fixed income or those who live in rural areas.” Legislation introduced today includes initiatives that would provide a $200 “Heat Tax Rebate” to help seniors afford the cost to heat their homes, and a Personal Income Tax credit for taxpayers whose heating costs are in excess of 5% of the New York Adjusted Gross Income. The other proposals include a $500 tax credit for the cost of removing an old petroleum tank and installing a new one; a tax credit of 25 percent, or up to $2,500, to offset the cost of energy-efficient improvements to a residence; and a state sales tax exemption on alternative fuels used for home heating purposes.