Loading chat...
NY A08964
Bill
Status
Introduced
1/10/2012
Primary Sponsor
Michael Cusick
Click for details
AI Summary
- Establishes a personal income tax credit equal to 20% of tolls paid for motor vehicle use of Port Authority of New York and New Jersey bridges, tunnels, and passenger rail fares
- Credit applies only when aggregate tolls and fares exceed 2% of the taxpayer's federal adjusted gross income in a tax year
- Excludes tolls or fares paid as fines, administrative fees, those reimbursed by employers, or those deductible under federal or state tax provisions
- Allows excess credits to be paid to the taxpayer as an overpayment without interest if the credit exceeds tax liability after other credits
- Effective immediately and applies to tax years beginning on or after January 1, 2012
Legislative Description
Grants a personal income tax credit for 20% of the tolls paid by the taxpayer to the port authority of New York and New Jersey, when the aggregate of such tolls exceed 2% of the taxpayers federal adjusted gross income for the tax year.
Last Action
held for consideration in ways and means
6/19/2012
Committee Referrals
Ways and Means1/10/2012
Full Bill Text
No bill text available