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S04327 Summary:

BILL NOS04327
 
SAME ASNo Same As
 
SPONSORASHBY
 
COSPNSRBORRELLO, TEDISCO
 
MLTSPNSR
 
Amd §606, Tax L; add §18, Pub Serv L
 
Provides a tax credit for utility bill payments made in taxable years 2025 and 2026 based on the difference of the average monthly utility bill payment in the year in which the credit is claimed and the average monthly utility bill payment in the preceding three taxable years; establishes a moratorium on certain utility bill surcharges until April 1, 2026; provides for the repeal of such moratorium upon expiration thereof.
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S04327 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4327
 
                               2025-2026 Regular Sessions
 
                    IN SENATE
 
                                    February 4, 2025
                                       ___________
 
        Introduced  by  Sens. ASHBY, BORRELLO, TEDISCO -- read twice and ordered
          printed, and when printed to be committed to the Committee  on  Budget
          and Revenue
 
        AN  ACT  to amend the tax law and the public service law, in relation to
          providing a tax credit for certain utility bill  payments  and  estab-
          lishing  a moratorium on certain surcharges thereon; and providing for
          the repeal of certain provisions of the public service law upon  expi-
          ration thereof
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (qqq) to read as follows:
     3    (qqq) Credit for utility charges. (1) Allowance of credit. For taxable
     4  years  beginning on or after January first, two thousand twenty-five and
     5  ending December  thirty-first,  two  thousand  twenty-six,  a  qualified
     6  taxpayer  shall  be allowed a credit to be computed as provided in para-
     7  graph two of this subsection against the tax imposed by this article.
     8    (2) Computation of credit. The amount of the credit allowed under this
     9  subsection shall be the difference of the total utility charges paid  by
    10  the  taxpayer during the taxable year in which the credit is claimed and
    11  the average of the taxpayer's total utility payments  during  the  three
    12  taxable years immediately preceding the taxable year in which the credit
    13  is claimed.
    14    (3)  "Utility costs" shall mean charges paid for  heat, gas, electric-
    15  ity and other services provided to a taxpayer by an  entity  subject  to
    16  the jurisdiction of the public service commission.
    17    (4)  Carryover  of credit. If the amount of the credit, and carryovers
    18  of such credit, allowable under this subsection  for  any  taxable  year
    19  shall exceed the taxpayer's tax for such year, such excess amount may be
    20  carried  over  to the five taxable years next following the taxable year
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07466-01-5

        S. 4327                             2
 
     1  with respect to which the credit is allowed and may be deducted from the
     2  taxpayer's tax for such year or years.
     3    (5)  Application  of credit. If the amount of the credit allowed under
     4  this subsection for any taxable year shall exceed the taxpayer's tax for
     5  such year, the excess shall be treated as an overpayment of  tax  to  be
     6  credited  or  refunded  in accordance with the provisions of section six
     7  hundred eighty-six of this article; provided, however, that no  interest
     8  shall be paid thereon.
     9    (6)  Administration.  The  commissioner  shall  have  the authority to
    10  promulgate such rules and regulations as may be necessary for the  proc-
    11  essing, determination and granting of credits under this subsection.
    12    §  2.  The public service law is amended by adding a new section 18 to
    13  read as follows:
    14    § 18. Moratorium on surcharges. Notwithstanding the provisions of this
    15  chapter or of any law, rule, regulation or order to  the  contrary,  the
    16  commission  shall  not  impose or collect any surcharges associated with
    17  the system benefit charge, or the renewable portfolio standard,  or  the
    18  energy  efficiency  portfolio  standard, or any similar fund that may be
    19  created by order of the commission before the  effective  date  of  this
    20  section,  whether  such  fund  is new or is a result of combining all or
    21  some of the surcharges referenced herein.
    22    § 3. This act shall take effect immediately; provided that section two
    23  of this act shall  expire  April  1,  2026,  when  upon  such  date  the
    24  provisions of such section shall be deemed repealed.
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