senate Bill S236

Establishes a tax credit for the removal or permanent enclosure of a residential fuel oil storage tank

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 07 / Jan / 2009
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 06 / Jan / 2010
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Summary

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Bill Details

See Assembly Version of this Bill:
A342
Versions:
S236
Legislative Cycle:
2009-2010
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law

Sponsor Memo

BILL NUMBER: S236

TITLE OF BILL :

An act to amend the tax law, in relation to establishing a residential
fuel oil storage tank credit


PURPOSE :

Relates to extending the date of expiration and repeal of the
residential fuel oil storage tank credit.

SUMMARY OF PROVISIONS :

Section 606 of the tax law is amended by adding a new subsection
(D-1).

JUSTIFICATION :

While it was not intended to become a permanent program available to
New York State residents, the original residential fuel oil storage
tank credit was a successful mechanism to get New Yorkers to replace
and close underground oil tanks. Since its expiration in 2003, there
undoubtedly are individuals who have not yet acted to remove these
tanks and there are those who have. It is the goal of this bill to
reinstate the credit and make it retroactively effective on January 1,
2004. This bill would not make the program permanent, it would just
give New Yorkers until 2010 to take advantage of this program and
remove their underground tanks.

LEGISLATIVE HISTORY :

2007-08, S.146; 2005-06, S.3144-A.

FISCAL IMPLICATIONS :

To be determined.

EFFECTIVE DATE :
This act shall take effect immediately and shall be deemed to have
been in full force and effect on and after January 1, 2011.
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