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Assembly Bill A10535

2009-2010 Legislative Session

Relates to providing a tax credit for dyed diesel fuel storage facilities

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Archive: Last Bill Status - In Assembly Committee

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2009-A10535 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Add §187-o, amd §§210 & 606, Tax L
Versions Introduced in 2011-2012 Legislative Session:
A1523

2009-A10535 (ACTIVE) - Summary

Provides a tax credit for dyed diesel fuel storage facilities in an amount of fifteen percent, up to $2,500, of the cost of such facilities.

2009-A10535 (ACTIVE) - Sponsor Memo

2009-A10535 (ACTIVE) - Bill Text download pdf 

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

                                  10535

                          I N  A S S E M B L Y

                              April 2, 2010
                               ___________

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

AN ACT to amend the tax law, in relation to providing a tax  credit  for
  dyed diesel fuel storage facilities

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

  Section 1. The tax law is amended by adding a  new  section  187-o  to
read as follows:
  S  187-O. DYED DIESEL MOTOR FUEL STORAGE PROPERTY CREDIT. 1.  GENERAL.
A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE  CREDITED  AGAINST  THE  TAX
IMPOSED UNDER SECTIONS ONE HUNDRED EIGHTY-THREE, ONE HUNDRED EIGHTY-FOUR
AND  ONE  HUNDRED  EIGHTY-FIVE,  OF  THIS  ARTICLE.  SUCH  CREDIT, TO BE
COMPUTED AS PROVIDED IN THIS SECTION, SHALL  BE  ALLOWED  FOR  QUALIFIED
DYED  DIESEL  MOTOR  FUEL  STORAGE PROPERTY PLACED IN SERVICE DURING THE
TAXABLE YEAR.
  2. APPLICATION OF CREDIT. THE CREDIT UNDER THIS SECTION FOR  QUALIFIED
DYED  DIESEL  MOTOR FUEL STORAGE PROPERTY SHALL EQUAL FIFTEEN PERCENT OF
THE COST OF ANY SUCH PROPERTY WHICH IS LOCATED IN THIS STATE. THE  TOTAL
AMOUNT  OF  CREDIT FOR QUALIFIED DYED DIESEL MOTOR FUEL STORAGE PROPERTY
ALLOWABLE TO A TAXPAYER UNDER THIS  SUBDIVISION  FOR  ANY  TAXABLE  YEAR
SHALL NOT EXCEED TWENTY-FIVE HUNDRED DOLLARS.
  3.  DEFINITIONS.  (A)  THE  TERM "DYED DIESEL MOTOR FUEL" MEANS DIESEL
MOTOR FUEL WHICH IS ENHANCED DIESEL MOTOR FUEL AND WHICH HAS  BEEN  DYED
IN  ACCORDANCE WITH AND FOR THE PURPOSE OF COMPLYING WITH THE PROVISIONS
OF 26 USC S4082(A) AND THE REGULATIONS THEREUNDER,  AS  MAY  BE  AMENDED
FROM TIME TO TIME.
  (B) THE TERM "QUALIFIED DYED DIESEL MOTOR FUEL STORAGE PROPERTY" MEANS
TANKAGE AND ASSOCIATED PIPING DESIGNATED EXCLUSIVELY FOR STORAGE OF DYED
DIESEL  MOTOR  FUEL. A QUALIFIED DYED DIESEL MOTOR FUEL STORAGE PROPERTY
SHALL NOT INCLUDE ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY WITHIN THE
MEANING OF SECTION ONE HUNDRED EIGHTY-SEVEN-B OF THIS ARTICLE.
  (C) THE TERM "TANKAGE AND ASSOCIATED PIPING DESIGNATED EXCLUSIVELY FOR
THE STORAGE OF  DYED  DIESEL  MOTOR  FUEL"  SHALL  INCLUDE  PURCHASE  OR
CONSTRUCTION  OF  TANKAGE AND ASSOCIATED PIPING (INCLUDING EQUIPMENT AND
LABOR ASSOCIATED WITH INSTALLATION OF TANKAGE), TANK NOZZLES,  IMMERSION
HEATERS,  INSULATION,  STEAM  GENERATORS OR TANK HEATING EQUIPMENT, TANK
STOCK MIXING EQUIPMENT, ELECTRICAL PANELS AND CONTROLS  AND  OTHER  SUCH

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