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NY A06554
Bill
Status
3/6/2009
Primary Sponsor
James Bacalles
Click for details
AI Summary
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Establishes a tax credit for New York residents whose home heating costs exceed 5% of their New York adjusted gross income for their principal residence.
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Credit percentages are income-based: 80% for incomes under $90,000; 70% for $90,000-$149,999; 60% for $150,000-$199,999; and 50% for $200,000-$249,999 of qualifying heating costs.
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Applies to heating costs incurred on or after January 1, 2009, and for taxable years beginning on or after January 1, 2009.
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When a principal residence is shared by multiple taxpayers, the credit is prorated according to each taxpayer's percentage of total heating expenditures.
Legislative Description
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.
Last Action
held for consideration in ways and means
7/1/2010