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Sponsors
No co-sponsors yet.
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to providing an income tax credit for the purchase of motor vehicle passive tracking devices
Purpose
To allow an income tax credit for taxpayers who purchase motor vehicle tracking devices.
Summary of provisions
Reletters and adds a new subsection (gg) to section 606 of the tax law allowing a tax credit for one half the cost of purchase and installation of a tracking device in a non commercial private passenger automobile. Such credit would not exceed $300 and apply to the taxable year beginning January 1, 2008.
Existing law
Section 2336 (e) and (f) of the insurance law allows for an appropriate reduction in the comprehensive premium if a device is installed. This is interpreted by the insurance department to allow for discounts up to 15%.
Justification
While the number of vehicles stolen in NYS today (48,293 in 2002), and NYC (27,034 in 2002) is far lower today than the historically high level of 1990 (186,741 NYS/147,128 NYC), anyone whose car is stolen is very much a victim whose life and livelihood is markedly changed. Further, the value of vehicles stolen in 2007 is far greater than the value of vehicles stolen in 1990, so the financial burden is much greater on individuals and families. Allowing individuals a modest tax credit to encourage the purchase of vehicle recovery devices will unquestionably aid in the recovery of vehicles and the prevention of theft, therefore reducing the cost of investigation, prosecution and incarceration of these types of felonies for state and local government.
Fiscal implications
Approximately 25,000 Vehicle Recovery Devices were sold in NYS in 2000 for passenger vehicles. The State Department of Taxation and Finance estimates the cost to NYS to be $3 million in SFY 06-07 and $11 million annually thereafter. However, the reduced costs for investigation, prosecution and incarceration that would result from this bill's adoption would produce a net savings for NYS and its localities.
Legislative history
S.1661 of 2007-08 (Senate Investigations/Government Operation; S.1213/A.2357 of 2005-06 (Senate Investigations/Government Operations); S.1336/A.2588 of 2003-04 (Senate Investigations/Government Operations), S.3085/A.6999 of 2001-02.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.