Bill S525-2013

Provides a tax credit for qualified expenses relating to the purchase of a new bicycle

Provides a tax credit for qualified expenses relating to the purchase of new bicycles up to two hundred fifty dollars.

Details

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  • Jan 8, 2014: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • Jan 9, 2013: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Memo

BILL NUMBER:S525

TITLE OF BILL: An act to amend the tax law, in relation to providing a tax credit for qualified expenses relating to the purchase of a new bicycle

PURPOSE: To amend section 606 of the tax law to allow persons who purchase a bicycle(s) to receive a tax credit.

SUMMARY OF PROVISIONS: Section 606 of the tax law is amended to provide taxpayers who purchase a bicycle (s) for themselves or their children a tax credit of up to $250 per household.

Section 2 defines "qualified expenses related to the purchase of a new bicycle" and also defines "adult bicycle" & "child bicycle". Sets the amount of the tax credit at $50 per adult bicycle and $25 per child bicycle up to a maximum of $250.

Section 3 includes the purchase of a bicycle for a child in the household shall be eligible for the credit.

JUSTIFICATION: New York State ranks 34th in adult obesity with a rate of 21,2%. Our State ranks 38th for persons being either overweight or obese with 57.1%. More alarmingly, 43% of New York City school children are overweight. In grades kindergarten through 5th grade 24% of New York City school children are obese. This compares with 15% nationally. Obesity and excess weight raise the risk for numerous diseases and conditions including: heart disease, stroke, diabetes, asthma, depression, cancer, sleep apnia. and other conditions. Bike riding and other exercise lowers these risks considerably.

Further, as of 5/9/08 oil prices have risen to over $125 per barrel and gasoline prices have risen dramatically. Rising gas prices have economically hurt many New Yorkers who are finding it more and more difficult to pay for traveling by car. It is estimated that 40% of all trips by car are two miles or less. This legislation will encourage biking as an alternative to driving especially short distances.

Providing a tax incentive for more New Yorkers to purchase and ride bicycles will encourage people and families to exercise while at the same time provide an alternative to driving to the store, shopping mall, movies etc. This credit will also provide more incentive for New Yorkers to enjoy our State's beautiful scenic byways and parks. In addition, less cars on the road also means the added benefit of less pollution.

EXISTING LAW: There is currently no tax credit for the purchase of a bicycle.

LEGISLATIVE HISTORY: S.8204 of 2008 05/13/08 Referred to Investigations & Governmental Operations S.1708 of 2011 01/11/11 REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS 01/04/12 REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

FISCAL IMPLICATIONS: If this credit is available in 2009 it will reduce revenues by $6 million in SFY 2009-2010 and by $23 million annually in subsequent fiscal years.

LOCAL FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: This act shall take effect immediately and shall apply to taxable years beginning on or after January 1st next succeeding date on which it shall have become a law.


Text

STATE OF NEW YORK ________________________________________________________________________ 525 2013-2014 Regular Sessions IN SENATE (PREFILED) January 9, 2013 ___________
Introduced by Sen. SAMPSON -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to providing a tax credit for qualified expenses relating to the purchase of a new bicycle 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 (vv) to read as follows: (VV) NEW BICYCLE CREDIT. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED PURSUANT TO SECTION SIX HUNDRED ONE OF THIS PART. THE AMOUNT OF THE CREDIT SHALL EQUAL, UP TO TWO HUNDRED FIFTY DOLLARS PER HOUSEHOLD, THE AMOUNT PAID BY THE TAXPAYER DURING THE TAXABLE YEAR FOR QUALIFIED EXPENSES RELATING TO THE PURCHASE OF A NEW BICYCLE. (2) FOR THE PURPOSES OF THIS SUBSECTION, "QUALIFIED EXPENSES RELATING TO THE PURCHASE OF A NEW BICYCLE" SHALL MEAN EXPENSES RELATING TO THE PURCHASE OF AN ADULT BICYCLE WITH TWENTY-FOUR INCH TIRES OR LARGER OR A CHILD BICYCLE WITH TIRES LESS THAN TWENTY-FOUR INCHES. EACH ADULT BICY- CLE SHALL RECEIVE A FIFTY DOLLAR TAX CREDIT AND EACH CHILD BICYCLE SHALL RECEIVE A TWENTY-FIVE DOLLAR TAX CREDIT. (3) A TAXPAYER WHO IS A PARENT OR LEGAL GUARDIAN, OR ANOTHER TAXPAYER FILING A JOINT INDIVIDUAL INCOME TAX RETURN WITH SUCH TAXPAYER, WHO PAID FOR QUALIFIED EXPENSES RELATING TO THE PURCHASE OF A NEW BICYCLE FOR HIS OR HER CHILD SHALL BE ALLOWED A TAX CREDIT PURSUANT TO THIS SUBSECTION. S 2. This act shall take effect immediately and shall apply to taxable years beginning on and after the first of January next succeeding the date on which it shall have become a law.

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