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NY A01496

Bill

Official Source

Status

Introduced

1/10/2011

Primary Sponsor

James Tedisco

Click for details

Origin

Assembly

2011-2012 General Assembly

AI Summary

  • Reduces the petroleum business tax rate from 7.2% to 3.6% for taxable years commencing on or after June 1, 1990
  • Lowers the minimum annual petroleum business tax from $250 to $125
  • Reduces the petroleum business tax surcharge from 15% to 7.5% of the base tax rate
  • Decreases the supplemental monthly tax on petroleum products from 4.5 cents per gallon to 2.25 cents per gallon
  • Reduces the sales and compensating use taxes on retail motor fuel and diesel motor fuel from 8 cents per gallon to 4 cents per gallon

Legislative Description

Reduces the tax on petroleum businesses and sets the sales and compensating use taxes on the retail sales of motor fuel and diesel motor fuel at four cents a gallon instead of eight cents per gallon.

Last Action

held for consideration in ways and means

6/19/2012

Committee Referrals

Ways and Means1/10/2011

Full Bill Text

No bill text available