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NY A04573
Bill
Status
2/6/2013
Primary Sponsor
Brian Kolb
Click for details
AI Summary
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Allows a deduction for interest paid on automobile loans used to purchase a vehicle from a New York automobile dealer, limited to interest on the first $49,500 of the loan amount.
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Permits a deduction for state and local sales and compensating use taxes paid on new automobile purchases from New York dealers, capped at taxes attributable to the first $49,500 of the purchase price.
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Requires that the automobile be purchased for personal use and registered in the taxpayer's name to qualify for both deductions.
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Limits the sales tax deduction to one-time use per automobile.
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Takes effect on January 1 following enactment and applies to taxable years beginning on or after that date.
Legislative Description
Establishes tax deductions for the tax paid by the taxpayer in connection with the purchase of a new automobile and for the interest paid by the taxpayer in connection with an automobile loan.
Last Action
held for consideration in ways and means
6/17/2014