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GROSS RECEIPTS TAX BREAKDOWN
- Repeal of Section 186
(0.75% Utility Gross Receipts Tax on energy) effective 1/1/0; thus resulting
in;
- Imposition of Article
9-A Corporation Franchise Tax (income-based) on energy utilities retroactive
to 1/1/0;
- Phase-out of Section 186-a
(2.5% Utility Gross Receipts Tax on energy) on the transmission, transportation,
and delivery (TTD) of electricity and gas for commercial customers beginning
2.45% on 1/1/1, 1.8% on 1/1/2, 1.125 on 1/1/3, 0.53125% on 1/1/4, and
reaching 0% on 1/1/5;
- Phase down of Section
186-a (2.5% Utility Gross Receipts Tax on energy) on the transmission,
transportation and delivery (TTD) of electricity and gas for residential
customers beginning 2.45 % on 1/1/1, 2.4% on 1/1/2, 2.25% on 1/1/3, 2.125
on 1/1/4, and reaching and holding at 2% on 1/1/5;
- Phase out of Section 186-a
(2.5% Utility Gross Receipts Tax on energy) other than TTD (essentially
the commodity) of electricity and gas as follows: 2.1% on 1/1/0, 2.0%
on 1/1/1, 1.9% on 1/1/2, 0.85% on 1/1/3, 0.4% on 1/1/4 and 0% on 1/1/5.
- Phase out of Section 189
(Gas Importation Privilege Tax on the presumed well-head price of natural
gas purchased out of State and imported for use within New York State)
as follows: 2.1% on 1/1/0, 2.0% on 1/1/1, 1.9% on 1/1/2, 0.85% on 1/1/3,
0.4% on 1/1/4, and 0% on 1/1/5. This essentially matches the phase out
on section 186-a for the commodity.
- Creation of an Article
9-A (and Article 22) refundable credit for any Section 186-a and 189 taxes
(as well as their MCTD surcharges) contained within gas and electricity
purchase prices paid (and to be paid) by industrial and manufacturing
businesses since 1/1/0.
- Total cumulative effect
of the GRT tax cuts - $330 million.
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