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NY A06740

Bill

Status

Introduced

4/1/2015

Primary Sponsor

Brian Kolb

Click for details

Origin

Assembly

2015-2016 General Assembly

AI Summary

  • 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.

  • 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.

  • Allows the sales tax deduction only once per automobile.

  • 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

Committee Referrals

Ways and Means4/1/2015

Full Bill Text

No bill text available