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 S00393 amends the New York tax law to establish a new method for computing sales and compensating use taxes on retail sales of motor fuel and diesel motor fuel. The bill specifies that these taxes will be calculated quarterly based on a rate per gallon determined by the commissioner, rounded to the nearest cent, and multiplied by the cost of the fuel. Additionally, it mandates that sales and compensating use taxes on imported or sold motor fuel must be prepaid on each gallon of fuel.
Impact
This bill will impact the existing framework of sales and use tax calculations in New York, specifically for motor fuel and diesel. It introduces a new method of tax computation that could potentially streamline the process for retailers and the state. The requirement for prepayment of taxes on motor fuel may also affect cash flow for businesses involved in the sale of these products.
Sentiment
The sentiment around Bill S00393 appears to be neutral, as there have been no recorded votes or significant public discussion noted in the provided context. The lack of contention in committee discussions suggests that the bill may not be highly controversial, but it also indicates that it has not yet garnered significant attention from stakeholders.
Contention
There are no notable points of contention mentioned in the provided context. The absence of discussion transcripts or voting history suggests that the bill has not faced opposition or debate at this stage, but this may change as it progresses through the legislative process.
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.