S525-2013 Actions

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

S525-2013 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.

S525-2013 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                          525
 2013-2014 Regular Sessions
 I N  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.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02205-01-3

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