Do you support this bill?

Assembly Bill A7003

2009-2010 Legislative Session

Establishes a residential fuel oil storage tank credit for the removal or permanent closure and installation of below or above ground fuel oil tank

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

2009-A7003 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A7928

2009-A7003 (ACTIVE) - Summary

Establishes a residential fuel oil storage tank credit for the removal or permanent closure and installation of below or above ground fuel oil tank used to provide heating fuel for single to four family residence.

2009-A7003 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7003

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 18, 2009
                               ___________

Introduced by M. of A. SALADINO -- read once and referred to the Commit-
  tee on Ways and Means

AN  ACT  to amend the tax law, in relation to establishing a residential
  fuel oil storage  tank  credit  against  personal  income  taxes;  and
  providing for the repeal of such provisions upon expiration thereof

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
subsection (p-1) to read as follows:
  (P-1) RESIDENTIAL FUEL OIL STORAGE TANK CREDIT. (1) ALLOWANCE OF CRED-
IT.  A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER
PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE  FOR  THE  REMOVAL  OR
PERMANENT  CLOSURE  AND  INSTALLATION  OF A BELOW-GROUND OR ABOVE-GROUND
RESIDENTIAL FUEL OIL STORAGE TANK  USED  TO  PROVIDE  HEATING  FUEL  FOR
SINGLE TO FOUR FAMILY RESIDENCES LOCATED IN THIS STATE.
  (2) AMOUNT OF CREDIT. THE AMOUNT OF CREDIT SHALL BE EQUAL TO THE COSTS
OF  REMOVAL OR PERMANENT CLOSURE OF AN EXISTING UNPROTECTED BELOW-GROUND
OR ABOVE-GROUND RESIDENTIAL FUEL OIL TANK AND THE PURCHASE AND INSTALLA-
TION COSTS OF A NEW BELOW-GROUND OR ABOVE-GROUND  RESIDENTIAL  FUEL  OIL
STORAGE  TANK  WHICH IS INSTALLED DURING THE TAXABLE YEAR WHERE SUCH NEW
TANK IS USED IN PLACE OF SUCH FORMERLY USED UNPROTECTED BELOW-GROUND  OR
ABOVE-GROUND  RESIDENTIAL FUEL OIL TANK WHICH WAS REMOVED OR PERMANENTLY
CLOSED DURING THE TAXABLE YEAR  OR  THE  IMMEDIATELY  PRECEDING  TAXABLE
YEAR, NOT TO EXCEED FIVE HUNDRED DOLLARS.
  (3) LIMITATIONS. A CREDIT ALLOWED UNDER THIS SUBSECTION MAY BE ALLOWED
ONLY ONCE WITH RESPECT TO A PARTICULAR RESIDENCE.
  (4)  CARRYOVER.  IF  THE  AMOUNT  OF  THE  CREDIT ALLOWABLE UNDER THIS
SUBSECTION EXCEEDS THE TAXPAYER'S TAX FOR ANY TAXABLE YEAR,  THE  EXCESS
MAY  BE  CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED
FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08327-01-9

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.