S. 9592 Summary

• Creates an enhanced home energy assistance program tax credit under New York tax law for eligible individual taxpayers starting January 1, 2023.

• Establishes two eligibility tiers: taxpayers with income less than 52 percent above the low-income home energy assistance program (LIHEAP) standards, and those certified as eligible for LIHEAP assistance.

• Provides full home energy assistance credit amount for tier one taxpayers; provides 50 percent of applicable home energy assistance for tier two taxpayers.

• Allows excess credits exceeding tax liability to be refunded as tax overpayments without interest, per section 686 of the tax law.

• Requires the tax commissioner to establish a process to provide credit benefits to eligible residents not required to file tax returns.