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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
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Sponsor's memo
Title of bill
An act to amend the tax law, in relation to the alternative fuels credit
Purpose
Provides an income tax credit for purchase of new hybrid motor vehicles.
Summary of provisions
Section 606 of the Tax Law, personal income tax, is amended to change the hybrid vehicle income tax credit so that the amount of such credit shall be based on the average fuel economy (combined city and highway) for the latest available model year and class of vehicles in which such hybrid motor vehicle is classified, This credit is available until 2010.
Justification
The existing income tax credit for alternative fuel vehicles expired in February 2005 and applies only to vehicles placed into service prior to December 31, 2004. There is likely to be a significant cost differential between traditional gasoline internal combustion engines and hybrid vehicles. As a result, it will be necessary to provide consumer incentives to promote their purchase.
Incentives should be greater for those vehicles that utilize hybrid technology and are both clean and achieve higher levels of fuel economy. That is, the better a hybrid performs in terms of environmental impact, the more its purchase should be encouraged through tax incentives. Similarly, the state should not provide an incentive merely because the vehicle utilizes a new technology but does not achieve superior emission and fuel economy performance. This legislation provides a definition of "new hybrid motor vehicle" and a means of providing a greater incentive based on vehicle performance.
Legislative history
S.4365 of 2007-2008 S.2736 of 2005-2006 S.7625 of 2004
Fiscal implications
None.
Effective date
This act shall take effect January 1, 2010; provided that the commissioner of taxation and finance shall be authorized on and after the date this act shall have become a law to adopt and amend any rules or regulations and issue any procedures, forms or instructions necessary to implement the provisions of this act on its effective date.
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