Bill > S04327

This bill provides a tax credit for utility bill payments and establishes a temporary moratorium on certain utility bill surcharges. Specifically, for tax years 2025 and 2026, taxpayers can claim a credit equal to the difference between their total utility charges in the current tax year and the average of their utility charges in the previous three tax years. The bill defines "utility costs" as charges paid for heat, gas, electricity, and other services provided by entities under the public service commission's jurisdiction. If the credit amount exceeds the taxpayer's tax liability, the excess can be carried forward for up to five years or treated as an overpayment to be refunded without interest. Additionally, the bill imposes a moratorium on surcharges related to system benefit charges, renewable portfolio standards, energy efficiency portfolio standards, and similar funds until April 1, 2026. The legislation aims to provide financial relief to taxpayers by reducing their utility-related expenses and preventing additional surcharges during this period. The bill will take effect immediately, with the surcharge moratorium section set to expire and be automatically repealed on April 1, 2026.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S4327