Bill > S07953

This bill enacts the "New York Oil Windfall Profits Tax Act," which establishes an excise tax on barrels of taxable crude oil at a rate of 50% times the excess of the average price of crude oil in the taxable year and the average price of crude oil between 2015 and 2019. The tax applies to covered taxpayers, defined as those who exceed certain production or import thresholds. The bill also creates the "Protect New Yorkers from Gas Price Surges Fund" to receive the tax revenue and provides for a refundable income tax credit for eligible individuals to offset the impact of higher gas prices.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2023/S7953