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.

---

A6322-2011 Actions

• Jun 19, 2012: held for consideration in ways and means
• Jan 4, 2012: referred to ways and means
• Mar 14, 2011: referred to ways and means

A6322-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                    6322

                         2011-2012 Regular Sessions

                            I N  ASSEMBLY

                               March 14, 2011
                                 ___________

  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:


    Section  1.  Section  606  of  the  tax law is amended by adding a new
  subsection (ss) to read as follows:

    (SS) CREDIT FOR HOME HEATING COSTS. (1) CREDIT. A  TAXPAYER  SHALL  BE
  ALLOWED  A  CREDIT  AGAINST  THE  TAX  IMPOSED BY THIS ARTICLE FOR COSTS
  INCURRED ON OR AFTER JANUARY FIRST, TWO THOUSAND ELEVEN  BY  A  TAXPAYER
  WHICH  ARE  DIRECTLY ASSOCIATED WITH SUCH TAXPAYER'S HOME HEATING COSTS,
  IN HIS OR HER PRINCIPAL RESIDENCE, IF SUCH RESIDENCE IS LOCATED IN  THIS
  STATE,  WHEN  SUCH  HEATING  COSTS EXCEED FIVE PERCENT OF THEIR NEW YORK
  ADJUSTED GROSS INCOME. THE AMOUNT OF THE CREDIT SHALL BE  EQUAL  TO  THE
  FOLLOWING:

    (A) FOR INCOMES LESS THAN NINETY THOUSAND DOLLARS, THE CREDIT IS EQUAL
  TO EIGHTY PERCENT OF THE TOTAL HEATING COSTS THAT EXCEED FIVE PERCENT OF
  THEIR NEW YORK ADJUSTED GROSS INCOME.
    (B)  FOR  INCOMES EQUAL TO OR GREATER THAN NINETY THOUSAND DOLLARS BUT
  LESS THAN ONE HUNDRED FIFTY THOUSAND DOLLARS, THE  CREDIT  IS  EQUAL  TO
  SEVENTY  PERCENT  OF THE TOTAL HEATING COSTS THAT EXCEED FIVE PERCENT OF
  THEIR NEW YORK ADJUSTED GROSS INCOME.
    (C) FOR INCOMES EQUAL TO OR GREATER THAN ONE  HUNDRED  FIFTY  THOUSAND
  DOLLARS  BUT LESS THAN TWO HUNDRED THOUSAND DOLLARS, THE CREDIT IS EQUAL
  TO SIXTY PERCENT OF THE TOTAL HEATING COSTS THAT EXCEED FIVE PERCENT  OF
  THEIR NEW YORK ADJUSTED GROSS INCOME.
    (D)  FOR INCOMES EQUAL TO OR GREATER THAN TWO HUNDRED THOUSAND DOLLARS
  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

  FIFTY PERCENT OF THE TOTAL HEATING COSTS THAT  EXCEED  FIVE  PERCENT  OF
  THEIR NEW YORK ADJUSTED GROSS INCOME.
    (2) MULTIPLE TAXPAYERS. IF THE PRINCIPAL RESIDENCE IS SHARED BY TWO OR
  MORE TAXPAYERS, THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION
  FOR  EACH  SUCH  ELIGIBLE  TAXPAYER  SHALL  BE PRORATED ACCORDING TO THE
  PERCENTAGE OF THE TOTAL EXPENDITURE INCURRED BY EACH TAXPAYER.
    S 2. This act shall take effect immediately and shall apply to taxable
  years beginning on and after January 1, 2011.