Creates a credit for home heating costs; allows a taxpayer to be allowed a credit for home heating costs associated with his or her principal residence when such heating costs exceed five percent of their New York adjusted gross income.
STATE OF NEW YORK
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6322
2011-2012 Regular Sessions
IN ASSEMBLY
March 14, 2011
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Introduced by M. of A. BLANKENBUSH, BARCLAY, D. MILLER, MONTESANO, SALA-
DINO -- Multi-Sponsored by -- M. of A. CALHOUN, CROUCH, McLAUGHLIN,
MOLINARO, PALMESANO, SAYWARD -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a home heating
costs credit
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 (ss) to read as follows:
3 (ss) Credit for home heating costs. (1) Credit. A taxpayer shall be
4 allowed a credit against the tax imposed by this article for costs
5 incurred on or after January first, two thousand eleven by a taxpayer
6 which are directly associated with such taxpayer's home heating costs,
7 in his or her principal residence, if such residence is located in this
8 state, when such heating costs exceed five percent of their New York
9 adjusted gross income. The amount of the credit shall be equal to the
10 following:
11 (A) For incomes less than ninety thousand dollars, the credit is equal
12 to eighty percent of the total heating costs that exceed five percent of
13 their New York adjusted gross income.
14 (B) For incomes equal to or greater than ninety thousand dollars but
15 less than one hundred fifty thousand dollars, the credit is equal to
16 seventy percent of the total heating costs that exceed five percent of
17 their New York adjusted gross income.
18 (C) For incomes equal to or greater than one hundred fifty thousand
19 dollars but less than two hundred thousand dollars, the credit is equal
20 to sixty percent of the total heating costs that exceed five percent of
21 their New York adjusted gross income.
22 (D) For incomes equal to or greater than two hundred thousand dollars
23 but less than two hundred fifty thousand dollars, the credit is equal to
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09371-01-1
A. 6322 2
1 fifty percent of the total heating costs that exceed five percent of
2 their New York adjusted gross income.
3 (2) Multiple taxpayers. If the principal residence is shared by two or
4 more taxpayers, the amount of the credit allowable under this subsection
5 for each such eligible taxpayer shall be prorated according to the
6 percentage of the total expenditure incurred by each taxpayer.
7 § 2. This act shall take effect immediately and shall apply to taxable
8 years beginning on and after January 1, 2011.
