S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7495--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 13, 2015
                               ___________

Introduced by M. of A. CRESPO -- read once and referred to the Committee
  on Ways and Means -- recommitted to the Committee on Ways and Means in
  accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN ACT to amend the tax law, in relation to establishing a senior utili-
  ty circuit breaker personal income tax credit

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
subsection (ccc) to read as follows:
  (CCC) SENIOR UTILITY CIRCUIT BREAKER TAX CREDIT. (1) DEFINITIONS.  FOR
THE PURPOSES OF THIS SUBSECTION:
  (A)  "QUALIFIED TAXPAYER" MEANS A RESIDENT INDIVIDUAL, MARRIED OR HEAD
OF HOUSEHOLD TAXPAYER WHO IS OVER SIXTY-FIVE YEARS OF AGE, WITH A HOUSE-
HOLD GROSS INCOME OF ONE HUNDRED FIFTY THOUSAND DOLLARS OR LESS.
  (B) "HOUSEHOLD" OR  "MEMBERS  OF  THE  HOUSEHOLD"  MEANS  A  QUALIFIED
TAXPAYER  AND  ALL  OTHER PERSONS, NOT NECESSARILY RELATED, WHO HAVE THE
SAME RESIDENCE AND SHARE ITS FURNISHINGS, FACILITIES AND ACCOMMODATIONS.
SUCH TERMS SHALL NOT INCLUDE A TENANT, SUBTENANT, ROOMER OR BOARDER  WHO
IS  NOT  RELATED  TO  THE  QUALIFIED TAXPAYER IN ANY DEGREE SPECIFIED IN
PARAGRAPHS ONE THROUGH EIGHT OF SUBSECTION (A) OF  SECTION  ONE  HUNDRED
FIFTY-TWO OF THE INTERNAL REVENUE CODE. PROVIDED, HOWEVER, NO PERSON MAY
BE A MEMBER OF MORE THAN ONE HOUSEHOLD AT ONE TIME.
  (C) "HOUSEHOLD GROSS INCOME" MEANS THE AGGREGATE ADJUSTED GROSS INCOME
OF  ALL  MEMBERS  OF  THE HOUSEHOLD FOR THE TAXABLE YEAR AS REPORTED FOR
FEDERAL INCOME TAX PURPOSES, OR WHICH  WOULD  BE  REPORTED  AS  ADJUSTED
GROSS  INCOME  IF A FEDERAL INCOME TAX RETURN WERE REQUIRED TO BE FILED,
WITH THE MODIFICATIONS IN SUBSECTION (B) OF SECTION SIX  HUNDRED  TWELVE
OF  THIS ARTICLE BUT WITHOUT THE MODIFICATIONS IN SUBSECTION (C) OF SUCH
SECTION, PLUS ANY PORTION OF THE GAIN FROM THE SALE OR EXCHANGE OF PROP-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09183-03-6
              

A. 7495--A                          2

ERTY OTHERWISE EXCLUDED FROM SUCH AMOUNT;  EARNED  INCOME  FROM  SOURCES
WITHOUT  THE  UNITED  STATES  EXCLUDABLE  FROM  FEDERAL  GROSS INCOME BY
SECTION NINE HUNDRED ELEVEN OF THE INTERNAL REVENUE CODE; SUPPORT  MONEY
NOT  INCLUDED  IN  ADJUSTED  GROSS  INCOME;  NONTAXABLE STRIKE BENEFITS;
SUPPLEMENTAL SECURITY INCOME PAYMENTS; THE GROSS AMOUNT OF  ANY  PENSION
OR  ANNUITY  BENEFITS  TO THE EXTENT NOT INCLUDED IN SUCH ADJUSTED GROSS
INCOME (INCLUDING, BUT NOT LIMITED TO, RAILROAD RETIREMENT BENEFITS  AND
ALL  PAYMENTS  RECEIVED UNDER THE FEDERAL SOCIAL SECURITY ACT AND VETER-
ANS' DISABILITY PENSIONS); NONTAXABLE INTEREST RECEIVED FROM  THE  STATE
OF  NEW  YORK,  ITS AGENCIES, INSTRUMENTALITIES, PUBLIC CORPORATIONS, OR
POLITICAL SUBDIVISIONS (INCLUDING A PUBLIC CORPORATION CREATED  PURSUANT
TO  AGREEMENT OR COMPACT WITH ANOTHER STATE OR CANADA); WORKERS' COMPEN-
SATION; THE GROSS AMOUNT OF "LOSS-OF-TIME" INSURANCE; AND THE AMOUNT  OF
CASH PUBLIC ASSISTANCE AND RELIEF, OTHER THAN MEDICAL ASSISTANCE FOR THE
NEEDY,  PAID  TO OR FOR THE BENEFIT OF THE QUALIFIED TAXPAYER OR MEMBERS
OF HIS HOUSEHOLD. HOUSEHOLD GROSS INCOME SHALL NOT INCLUDE SURPLUS FOODS
OR OTHER RELIEF IN KIND OR PAYMENTS MADE TO INDIVIDUALS BECAUSE OF THEIR
STATUS AS VICTIMS OF  NAZI  PERSECUTION  AS  DEFINED  IN  P.L.  103-286.
PROVIDED,  FURTHER,  HOUSEHOLD  GROSS INCOME SHALL ONLY INCLUDE ALL SUCH
INCOME RECEIVED BY ALL MEMBERS OF THE HOUSEHOLD WHILE  MEMBERS  OF  SUCH
HOUSEHOLD.
  (D) "RESIDENCE" MEANS A DWELLING IN THIS STATE, WHETHER OWNED OR RENT-
ED.
  (E)  "ELIGIBLE  EXPENSES"  MEANS PAYMENTS MADE BY A QUALIFIED TAXPAYER
FOR THE FOLLOWING GOODS AND SERVICES DELIVERED AND USED AT  HIS  OR  HER
PRIMARY RESIDENCE:
  (I)  RESIDENTIAL  GAS,  ELECTRIC  AND  STEAM  UTILITY SERVICE WHICH IS
SUBJECT TO THE PROVISIONS OF ARTICLE TWO OF THE PUBLIC SERVICE LAW;
  (II) RESIDENTIAL WATER AND SEWER SERVICE;
  (III) HOME HEATING FUEL, WHICH SHALL INCLUDE  FUEL  OIL,  COAL,  WOOD,
PROPANE,  NATURAL  GAS,  ELECTRICITY, STEAM, KEROSENE AND ANY OTHER FUEL
WHEN USED FOR RESIDENTIAL HEATING PURPOSES; AND
  (IV) TELECOMMUNICATIONS SERVICES AS DEFINED IN PARAGRAPH (G) OF SUBDI-
VISION ONE OF SECTION ONE HUNDRED  EIGHTY-SIX-E  OF  THIS  CHAPTER,  AND
SHALL  NOT INCLUDE WIRELESS COMMUNICATIONS SERVICE, AS DEFINED BY SUBDI-
VISION TEN OF SECTION THREE HUNDRED ONE OF THE COUNTY LAW,  UNLESS  SUCH
WIRELESS  SERVICE  IS  THE  ONLY  MEANS  BY WHICH THE QUALIFIED TAXPAYER
RECEIVES TELEPHONIC SERVICES.
  (2) COMPUTATION OF CREDIT. FOR TAXABLE YEARS BEGINNING  ON  AND  AFTER
JANUARY  FIRST,  TWO  THOUSAND  SIXTEEN,  A  QUALIFIED TAXPAYER SHALL BE
ALLOWED A CREDIT, TO BE CREDITED AGAINST THE TAX IMPOSED BY  THIS  ARTI-
CLE. THE AMOUNT OF THE CREDIT SHALL BE ONE-HALF OF ALL ELIGIBLE EXPENSES
PAID  BY THE QUALIFIED TAXPAYER TO THE EXTENT SUCH EXPENSES EXCEED SEVEN
PERCENT OF THE QUALIFIED TAXPAYER'S HOUSEHOLD GROSS INCOME. SUCH  CREDIT
SHALL  BE  REDUCED BY THE AMOUNT OF ANY MONEYS RECEIVED BY THE QUALIFIED
TAXPAYER PURSUANT TO  THE  LOW-INCOME  HOME  ENERGY  ASSISTANCE  PROGRAM
ESTABLISHED PURSUANT TO SECTION NINETY-SEVEN OF THE SOCIAL SERVICES LAW.
  (3)  OVERPAYMENT.  IF  THE  AMOUNT  OF  THE  CREDIT ALLOWED UNDER THIS
SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED  THE  QUALIFIED  TAXPAYER'S
TAX  FOR SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX
TO BE CREDITED OR REFUNDED IN ACCORDANCE WITH SECTION SIX HUNDRED EIGHT-
Y-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID
THEREON.
  S 2. This act shall take effect immediately.