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Senate Bill S7762

2009-2010 Legislative Session

Extends the biofuel production tax credit

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Sponsored By

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

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2009-S7762 (ACTIVE) - Details

See Assembly Version of this Bill:
A8999
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง28, Tax L

2009-S7762 (ACTIVE) - Summary

Extends the biofuel production tax credit from four to eight consecutive years.

2009-S7762 (ACTIVE) - Sponsor Memo

2009-S7762 (ACTIVE) - Bill Text download pdf 

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

                                  7762

                            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 extending the biofuel
  production tax credit

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

  Section  1.  Subdivision (a) of section 28 of the tax law, as added by
section 1 of part X of chapter 62 of the laws of  2006,  is  amended  to
read as follows:
  (a)  General.  A taxpayer subject to tax under article nine, nine-A or
twenty-two of this chapter shall be allowed a credit  against  such  tax
pursuant  to  the  provisions  referenced  in  subdivision  (d)  of this
section. The credit (or pro rata share of earned credit in the case of a
partnership) for each gallon of biofuel produced at a biofuel  plant  on
or  after  January first, two thousand six shall equal fifteen cents per
gallon after the production of the first forty thousand gallons per year
presented to market. The credit under this section shall  be  capped  at
two and one-half million dollars per taxpayer per taxable year for up to
no more than [four] EIGHT consecutive taxable years per biofuel plant.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14389-01-9

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