Provides a tax deduction of one thousand dollars for heating oil, natural gas and propane paid for by the taxpayer

Title of bill

An act to amend the tax law, in relation to allowing a reduction to federal adjusted gross income for heating oil, natural gas and propane

Purpose

This legislation creates the Home Heating Relief Act and provides a tax deduction of one thousand dollars for heating oil, natural gas and propane paid for by the taxpayer.

Summary of provisions

Subsection (c) of section 612 of the tax law is amended by a adding a new paragraph 39 to provides a tax deduction of one thousand dollars for heating oil, natural gas and propane paid for by the taxpayer.

The deduction will be allowed for any married taxpayer filing jointly with a federal adjusted gross income of $150,000 or less and for any taxpayer filing as head of household, unmarried or married filing separately with an income of $75,000 or under.

Justification

As New Yorkers struggle with the price of gasoline at the pump each and everyday, they are just a few short months away from the challenge of paying to heat their home. There is little doubt that we are facing another crippling rise in prices for natural gas, home heating oil and propane this winter. Consumers need some sort of relief from these skyrocketing heating expenses. Something must be done when people are making choices between paying their utility bill or filling a prescription or buying food.

This legislation, the Home Heating Relief Act, will provide a tax deduction of one thousand dollars for heating oil, natural gas and propane paid for by the taxpayer during the winter heating season.

Legislative history

S.8173-A of 2008 (Passed Senate)

Fiscal implications

To be determined.

Effective date

This act shall take effect immediately and shall apply to taxable years beginning on or after the first of January next succeeding the date on which it shall have become a law.