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History
- Referred to energy and telecommunications
- Referred to energy and telecommunications
Full text
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Sponsor's memo
Title of bill
An act to amend the tax law, in relation to reimposing the energy business tax which expired on September 1, 1991
Purpose
To reinstate the natural Gas Company tax that existed in this state from July 1, 1991 through September 1, 1991 and assure greater equality among the providers of energy in New York State.
Justification
It is unfair under the present tax law that providers of petroleum products are taxed for their product while the providers of Natural Gas are not similarly taxed. The petroleum oil product is provided by individual businesses which employ numerous workers in their chain of distribution - employees who themselves pay income and other taxes, to wit: drivers, distributors, depot workers - and a myriad of others who are employed in this pipeline of product delivery. Many local distributors have reported significant reduction in their businesses since the natural gas industry obtained the unfair advantage as a result of tax law revisions in 1991. Basic fairness requires that these two energy sources both be taxed so as to avoid an unfair advantage from going to one group over the other. The petroleum industry has indicated that the very survival of some of its retail providers is greatly in jeopardy, and the intent of this legislation is to level the playing field and assure that neither form of energy receives an unfair advantage over the other. In the current economic climate, when New York State is in dire need of every fair revenue source, this is both a fair and reasonable way to provide some of the funds needed by New York.
Fiscal implications
It is estimated that this measure generated $40,000,000 in the two months that it was in effect, to wit: July 1, 1991 through September 1, 1991. At this rate of $20,000,000 per month, assuming those months from 1991 to be representative, it is estimated that $240,000,000 would be generated in the first twelve months after reimplementation of this tax.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.