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NY A06322
Bill
Status
3/14/2011
Primary Sponsor
Kenneth Blankenbush
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AI Summary
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Establishes a home heating costs tax credit for New York taxpayers whose heating expenses exceed 5% of their New York adjusted gross income for their principal residence
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Credit amounts are tiered by income level: 80% of excess costs for incomes under $90,000; 70% for $90,000-$150,000; 60% for $150,000-$200,000; 50% for $200,000-$250,000
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Applies to heating costs incurred on or after January 1, 2011
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For residences shared by multiple taxpayers, the credit is prorated according to each taxpayer's percentage of total expenditure
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Takes effect immediately and applies to taxable years beginning on or after January 1, 2011
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
6/19/2012