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Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Phases out the petroleum tax
In Assembly Committee · Ways And Means · Sponsor Robin Schimminger
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5982
Title of bill
An act to amend the tax law, in relation to the phase out of the petroleum business tax
Purpose of the bill
To phase out the petroleum business tax ( PBT) on motor fuel over four years.
Summary of specific provisions
§ 1 through § 3- Amends subdivision (b), paragraph 1 of subdivision (c) and the opening paragraph of paragraph 2 of subdivision (c) of 301-a of the Tax Law to phase out the PBT on motor fuel 25% each year until 2018 when the PBT will no longer be levied.
§ 4- Effective date.
Justification
Current state taxes on a gallon of gasoline include the petroleum business tax (18.6 cents per gallon, adjusted annually), the motor fuel excise tax (8.0 cents) and the state sales tax (capped at 8.0 cents), as well as a petroleum testing fee (0.5 cents). These taxes total approximately 35 cents per gallon for gasoline, while the total tax on highway diesel motor fuel is a few cents lower. Added to that is the local sales tax, which varies by locality.
This legislation would phase out the petroleum business tax (PBT) on all motor fuel sales over the next four years, to allow for a gradual cutting in half of the overall state tax levy on gasoline and diesel fuel. This would lower total state taxes on a gallon of gasoline or diesel fuel to 16.05 cents and move New York State out of the top spot for state gasoline taxes, and even out of the top ten states.
Prior legislative history
New bill.
Fiscal implications
An estimated reduction in state revenue of $550,000 for the 2015 tax year, $1.1 million for the 2016 tax year, $1.65 million for the 2017 tax year, and $2.2 million for tax year 2018 and thereafter.
Effective date
This act shall take effect on the sixtieth day after it shall have become a law; provided that the Commissioner of Taxation and Finance is authorized to promulgate any and all rules and regulations and take any other measures necessary to implement this act on its effective date on or before such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.