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Senate Bill S7761

2009-2010 Legislative Session

Provides a tax credit for farmers who use biodiesel fuel for the sole operation of their farm equipment

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

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2009-S7761 (ACTIVE) - Details

See Assembly Version of this Bill:
A4856
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A7132
2013-2014: A54
2015-2016: A1907
2017-2018: A1700

2009-S7761 (ACTIVE) - Summary

Provides a tax credit for farmers who use biodiesel fuel for the sole operation of their farm equipment.

2009-S7761 (ACTIVE) - Sponsor Memo

2009-S7761 (ACTIVE) - Bill Text download pdf 

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

                                  7761

                            I N  S E N A T E

                               May 6, 2010
                               ___________

Introduced by Sen. AUBERTINE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN  ACT  to  amend the tax law, in relation to providing a tax credit to
  farmers who purchase biodiesel fuel for the operation  of  their  farm
  equipment

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

  Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
subdivision 41 to read as follows:
  41.  CREDIT  FOR BIODIESEL FUEL USED IN FARMING EQUIPMENT.  (A) ALLOW-
ANCE OF CREDIT. A TAXPAYER THAT IS A  BUSINESS  PRINCIPALLY  ENGAGED  IN
FARMING,  AS   SUCH TERM IS DEFINED IN PARAGRAPH NINETEEN OF SUBDIVISION
(B) OF SECTION ELEVEN HUNDRED ONE OF THIS CHAPTER  SHALL  BE  ALLOWED  A
CREDIT  AGAINST  THE  TAX  IMPOSED BY THIS   ARTICLE FOR THE PURCHASE OF
BIODIESEL FUEL TO BE USED IN FARMING EQUIPMENT.  SUCH  CREDIT  SHALL  BE
$0.01  PER  PERCENT  OF  BIODIESEL  PER GALLON OF BIOHEAT, NOT TO EXCEED
TWENTY CENTS PER GALLON, PURCHASED BY SUCH TAXPAYER.
  (B) FOR PURPOSES OF THIS SUBDIVISION, THE TERM "BIODIESEL" SHALL  MEAN
A  FUEL  COMPRISED  EXCLUSIVELY  OF MONOALKYL ESTERS OF LONG CHAIN FATTY
ACIDS DERIVED FROM VEGETABLE OILS OR ANIMAL FATS, DESIGNATED B100, WHICH
MEETS THE SPECIFICATIONS OF AMERICAN SOCIETY OF  TESTING  AND  MATERIALS
DESIGNATION D 6751.
  (C)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBDIVISION 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 ONE
THOUSAND EIGHTY-SIX OF THIS CHAPTER, PROVIDED, HOWEVER, THAT NO INTEREST
SHALL  BE  PAID  ON  SUCH  REFUND,  NOTWITHSTANDING  THE  PROVISIONS  OF
SUBSECTION (C) OF SECTION ONE  THOUSAND EIGHTY-EIGHT OF THIS CHAPTER.
  S  2. Section 606 of the tax law is amended by adding a new subsection
(qq) to read as follows:
  (QQ) CREDIT FOR BIODIESEL FUEL USED IN FARMING EQUIPMENT.  (1)  ALLOW-
ANCE  OF  CREDIT. A TAXPAYER WHOSE FEDERAL GROSS INCOME FROM FARMING FOR

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

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