Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 22, 2012 |
referred to ways and means |
Jun 21, 2012 |
delivered to assembly passed senate ordered to third reading cal.1515 committee discharged and committed to rules |
May 31, 2012 |
reported and committed to finance |
May 01, 2012 |
referred to investigations and government operations |
Senate Bill S7147
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(D, WF) 21st Senate District
2011-S7147 (ACTIVE) - Details
2011-S7147 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7147 TITLE OF BILL: An act to amend the tax law, in relation to biofuel production credit for production of cellulosic ethanol PURPOSE OR GENERAL IDEA OF BILL: To provide an additional tax credit for production of cellulosic ethanol in the amount of 25 cents per gallon after the production of the first 40,000 gallons. SUMMARY OF SPECIFIC PROVISIONS: Section 1 renumbers Section 28 of the tax law as Section 37 and amends the section to provide a tax credit of 25 cents per gallon for the production of cellulosic ethanol after the production of the first forty thousand gallons per year presented to market. The section further defines "cellulosic ethanol," and amends the definition of "biofuel plant" to include any commercial facility where cellulosic ethanol is one or more of the biofuels being produced at such facility, and, for purposes of applying the tax credit, the facility shall be considered a separate biofuel plant. JUSTIFICATION: In Chapter 62 of the laws of 2006, New York State established a biofuel production credit equal to 15 cents per gallon after the
2011-S7147 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 7147 A. 9997 S E N A T E - A S S E M B L Y May 1, 2012 ___________ IN SENATE -- Introduced by Sen. YOUNG -- (at request of the Legislative Commission on Rural Resources) -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations IN ASSEMBLY -- Introduced by M. of A. GUNTHER -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to biofuel production credit for production of cellulosic ethanol THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 28 of the tax law, as added by section 1 of part X of chapter 62 of the laws of 2006, subdivision (a) as amended by section 1 of part K of chapter 59 of the laws of 2012, is renumbered section 37 and amended to read as follows: S 37. Biofuel production credit. (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 OR TWENTY-FIVE CENTS PER GALLON FOR PRODUCTION OF CELLULOSIC ETHANOL 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 consecutive taxable years per biofuel plant. If the taxpayer is a partner in a partnership or shareholder of a New York S corporation, then the cap imposed by the preceding sentence shall be applied at the entity level, so that the aggregate credit allowed to all the partners or shareholders of each such entity in the taxable year does not exceed two and one-half million dollars. The tax credit allowed pursuant to this section shall apply to taxable years beginning before January first, two thousand twenty. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06431-02-2
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