NY S09491

Imposes a quarterly excise tax on covered taxpayers for each barrel of taxable crude oil extracted within New York or imported into the state, calculated at 50% of the excess of the current quarter's average Brent crude oil price over the 2015-2019 baseline average price.

Applies to taxpayers exceeding 300,000 barrels daily in 2019 or current quarters, and to all petroleum businesses subject to New York's existing petroleum business tax, with tax rates subject to annual inflation adjustments.

Establishes a refundable income tax credit for eligible New York residents determined by the commissioner based on revenues collected each quarter, with phase-out beginning at $160,000 for joint returns, $115,000 for heads of household, and $80,000 for other filers.

Creates the "Protect New Yorkers from Gas Price Surges Fund" to receive all windfall profits tax revenues and related interest, with funds distributed for advance refunds to eligible individuals within 90 days of each quarter ending.

Permits municipalities to impose a local excise tax at the same rate by notifying the commissioner by certified mail before the applicable period begins.