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NY A06740
Bill
Status
4/1/2015
Primary Sponsor
Brian Kolb
Click for details
AI Summary
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Adds deduction for interest paid on automobile loans, limited to interest on the first $49,500 of the loan amount, for automobiles purchased from in-state dealers for personal use and registered in the taxpayer's name.
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Adds deduction for state and local sales and compensating use taxes paid on new automobile purchases, limited to taxes on the first $49,500 of the purchase price, for automobiles purchased from in-state dealers for personal use and registered in the taxpayer's name.
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Allows the sales tax deduction only once per automobile.
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Applies to taxable years beginning on or after January 1 of the year following enactment.
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
6/15/2016