What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to energy and telecommunications
- Referred to energy and telecommunications
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 reducing the tax on petroleum businesses and the sales and compensating use taxes on the retail sales of motor fuel and diesel motor fuel
Purpose
Reduces the tax on petroleum businesses and the sales and compensating use taxes on the retail sales of motor fuel and diesel motor fuel.
Summary of provisions
§1. Amends subdivision (e) of Section 301-a of the Tax Law to reduce the Petroleum Business Tax on qualified motor fuel and diesel motor fuel by fifty percent. §2. Amends paragraph 1 of subdivision (a) of Section 301-j the Tax Law to reduce the Petroleum Business Tax on qualified motor fuel and diesel motor fuel by fifty percent. §3. Amends paragraph 1 of subdivision (m) of section 1111 of the tax law to reduce the sales tax on qualified motor fuel and diesel motor fuel by fifty percent. §4. Is the effective date.
Justification
This bill reduces the Petroleum Business Tax and State Sales Tax on qualified motor fuel and diesel motor fuel by half. The cost of motor fuel in the State of New York is consistently higher than the average for the states in the Northeast. This bill would reduce taxes on motor fuel to bring prices more in line with those that are paid by consumers in neighboring states. Reducing State fuel taxes will lower the cost of doing business in New York and provide residents of New York desperately needed economic relief.
Legislative history
2008: S.8758 - Referred to Rules.
Fiscal implications
This bill would reduce Petroleum Business Tax revenue by $570 million, and $270 million in Sales Tax revenue annually.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.