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NY A07406
Bill
Status
5/4/2011
Primary Sponsor
Fred Thiele
Click for details
AI Summary
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Exempts retail sales of new fuel-efficient vehicles (rated at 110% or greater fuel efficiency for their class), zero-emission vehicles, flexible-fuel vehicles, and alternative-fuel vehicles from New York state sales and compensating use taxes
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Defines fuel-efficient, zero-emission, flexible-fuel, and alternative-fuel vehicles by reference to Section 159 of the Vehicle and Traffic Law
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Allows cities with populations of one million or more to elect to provide the same exemptions from local sales taxes by enacting a resolution
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Provides a $1,000 tax credit against personal income tax and corporate franchise tax for each qualifying vehicle purchased during the taxable year, with carryover of unused credits to subsequent years
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Takes effect immediately and applies to taxable years beginning on or after January 1, 2012
Legislative Description
Provides for an exemption from the tax on sales and the compensating use tax for fuel-efficient vehicles, zero-emission vehicles, flexible-fuel vehicles and alternative-fuel vehicles; provides credits against the personal income tax and the corporate franchise tax for the purchase of such vehicles.
Last Action
held for consideration in ways and means
6/19/2012