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NY A08876
Bill
Status
2/25/2014
Primary Sponsor
Philip Palmesano
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AI Summary
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Deposits one cent of sales tax collected per gallon of motor fuel into the Dedicated Highway and Bridge Trust Fund's Special Obligation Reserve and Payment Account, effective April 1, 2014.
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Increases the deposit amount incrementally: to two cents (April 1, 2015), three cents (April 1, 2016), four cents (April 1, 2017), and five cents (April 1, 2018).
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Amends Tax Law Section 1148 to separate motor fuel tax revenue deposited to the highway trust fund from other tax revenues deposited to the general state treasury.
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Updates State Finance Law Section 89-b to recognize Section 1148 of the Tax Law as a source of funding for the Dedicated Highway and Bridge Trust Fund.
Legislative Description
Requires the deposit, into the dedicated highway and bridge trust fund, of a portion of the sales tax collected on each gallon of motor fuel sold at retail.
Last Action
held for consideration in ways and means
6/17/2014