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Assembly Bill A7588

2009-2010 Legislative Session

Provides a tax credit for the purchase of certified sustainably harvested wood products

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2009-A7588 - Details

Current Committee:
Assembly Ways And Means
Versions Introduced in 2011-2012 Legislative Session:
A7294

2009-A7588 - Summary

Provides a tax credit for the purchase of FSC-certified wood products.

2009-A7588 - Bill Text download pdf 

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

                                  7588

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             April 16, 2009
                               ___________

Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
  Committee on Ways and Means

AN ACT to amend the tax law, in relation to providing a tax  credit  for
  the purchase of Forest Stewardship Council certified wood products

  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 (qq) to read as follows:
  (QQ)  FSC-CERTIFIED WOOD PRODUCTS TAX CREDIT. (1) ALLOWANCE OF CREDIT.
A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE  TAX  IMPOSED  BY  THIS
ARTICLE FOR THE COST OF MATERIAL INCURRED IN CONNECTION WITH THE INSTAL-
LATION  OF  HARDWOOD FLOORING IN HIS OR HER PRINCIPAL RESIDENCE, IF SUCH
RESIDENCE IS LOCATED IN THIS STATE,  PROVIDED  SUCH  FLOORING  HAS  BEEN
CERTIFIED  TO BE IN COMPLIANCE WITH THE STANDARDS ENDORSED BY THE FOREST
STEWARDSHIP COUNCIL. THE AMOUNT OF THE CREDIT SHALL BE EQUAL  TO  TWENTY
PERCENT OF THE MATERIAL COST OF SUCH FLOORING.
  (2) MULTIPLE TAXPAYERS. IF THE PRINCIPAL RESIDENCE IS SHARED BY TWO OR
MORE TAXPAYERS, THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION
FOR  EACH  SUCH  ELIGIBLE  TAXPAYER  SHALL  BE PRORATED ACCORDING TO THE
PERCENTAGE OF THE TOTAL EXPENDITURE INCURRED BY EACH TAXPAYER.
  (3) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH  YEAR,  THE  EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS  OF  SECTION  SIX
HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL BE PAID THEREON.
  S 2. Section 210 of the tax law is amended by adding a new subdivision
41 to read as follows:
  41. CREDIT FOR PURCHASE OF FSC-CERTIFIED  WOOD  PRODUCTS.  A  TAXPAYER
SHALL  BE  ALLOWED  A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR
THE COST OF MATERIAL INCURRED IN CONNECTION  WITH  THE  INSTALLATION  OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10887-01-9

2009-A7588A (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Versions Introduced in 2011-2012 Legislative Session:
A7294

2009-A7588A (ACTIVE) - Summary

Provides a tax credit for the purchase of FSC-certified wood products.

2009-A7588A (ACTIVE) - Bill Text download pdf 

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

                                 7588--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             April 16, 2009
                               ___________

Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
  Committee on Ways and Means --  committee  discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

AN  ACT  to amend the tax law, in relation to providing a tax credit for
  the purchase of certified sustainably harvested wood products

  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 (qq) to read as follows:
  (QQ) CERTIFIED SUSTAINABLY HARVESTED WOOD  PRODUCTS  TAX  CREDIT.  (1)
ALLOWANCE  OF  CREDIT.  A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE
TAX IMPOSED BY THIS  ARTICLE  FOR  THE  COST  OF  MATERIAL  INCURRED  IN
CONNECTION WITH THE INSTALLATION OF CERTIFIED SUSTAINABLY HARVESTED WOOD
PRODUCTS IN HIS OR HER PRINCIPAL RESIDENCE, IF SUCH RESIDENCE IS LOCATED
IN  THIS  STATE.    THE  AMOUNT  OF  THE CREDIT SHALL BE EQUAL TO TWENTY
PERCENT OF THE MATERIAL COST OF SUCH FLOORING.
  (2) MULTIPLE TAXPAYERS. IF THE PRINCIPAL RESIDENCE IS SHARED BY TWO OR
MORE TAXPAYERS, THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION
FOR EACH SUCH ELIGIBLE TAXPAYER  SHALL  BE  PRORATED  ACCORDING  TO  THE
PERCENTAGE OF THE TOTAL EXPENDITURE INCURRED BY EACH TAXPAYER.
  (3)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
SHALL BE PAID THEREON.
  (4)  THE  TERM  "CERTIFIED SUSTAINABLY HARVESTED WOOD PRODUCTS" MEANS,
FOR PURPOSES OF THIS SUBSECTION, WOOD FLOORING THAT HAS  BEEN  CERTIFIED
TO  BE  IN COMPLIANCE WITH THE STANDARDS ENDORSED BY THE FOREST STEWARD-
SHIP COUNCIL OR SUSTAINABLE FORESTRY INITIATIVE  OR  OTHER  THIRD  PARTY
INDEPENDENT CERTIFICATION ENTITY, WHICH THE COMMISSIONER IN CONSULTATION

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10887-04-9

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