Computes sales and compensating use tax on retail sales of motor fuel and diesel motor fuel at a rate of cents per gallon; requires prepayment.
Summary
Bill A05794 proposes amendments to the New York tax law regarding the computation of sales and compensating use tax on retail sales of motor fuel and diesel motor fuel. The bill establishes a new method for calculating these taxes based on a rate per gallon, which will be determined quarterly by the commissioner. Additionally, it mandates that sales and compensating use taxes on imported, manufactured, or sold motor fuel and diesel motor fuel in the state be prepaid on each gallon of fuel.
Impact
If enacted, this bill will alter the existing framework for taxing motor fuel and diesel fuel in New York, potentially leading to changes in revenue collection for the state. The new computation method may affect both consumers and businesses involved in the sale and distribution of motor fuel, as they will need to adjust their pricing and accounting practices to accommodate the quarterly rate changes and prepayment requirements.
Sentiment
The sentiment surrounding Bill A05794 appears to be neutral, as there have been no recorded votes or significant committee discussions available at this time. The lack of opposition or support in the public record suggests that the bill may not have generated considerable controversy or enthusiasm among legislators or stakeholders.
Contention
Currently, there are no notable points of contention reported regarding Bill A05794. The absence of committee discussions and voting history indicates that the bill may not have faced significant debate or opposition from any particular group or party.
Same As
Computes sales and compensating use tax on retail sales of motor fuel and diesel motor fuel at a rate of cents per gallon; requires prepayment.
Provides for a phased decrease of excise taxes and sales taxes and petroleum business taxes on diesel motor fuel and motor fuel when the average price of motor fuel in the state exceeds $2.25 per gallon; authorizes cities having a population of one million or more and counties to adopt local laws limiting taxes on diesel motor fuel and motor fuel.
Enacts the "gas tax holiday act"; provides that from the first of the month after the effective date of the section until December 31, 2027 the taxes imposed on retail sales of fuel gas, motor fuel and diesel motor fuel shall be exempt from certain taxes.
Eliminates provisions of law that require the payment and subsequent refund of the ten cent diesel excise tax and sales tax on diesel motor fuel when sold to operators of commercial fishing vessels for use in the operation of such vessels.