| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| May 22, 2012 |
reported and committed to finance |
| Jan 04, 2012 |
referred to investigations and government operations |
| Jun 02, 2011 |
reported and committed to finance |
| Jan 05, 2011 |
referred to investigations and government operations |
Senate Bill S817
2011-2012 Legislative Session
Sponsored By
(R) Senate District
Archive: Last Bill Status - In Senate Committee Finance Committee
Actions
Votes
2011-S817 (ACTIVE) - Details
2011-S817 (ACTIVE) - Sponsor Memo
BILL NUMBER:S817 REVISED 01/13/2011
TITLE OF BILL:
An act
to amend the tax law, in relation to establishing a
residential fuel oil storage tank credit
PURPOSE:
Establishes a tax credit for the removal or permanent enclosure of a
residential fuel oil storage tank credit.
SUMMARY OF PROVISIONS:
Section 606 of the tax law is amended by adding a new subsection (P-1).
JUSTIFICATION:
This legislation would reinstate a residential fuel oil storage tank
credit that was originally established by Section 3 of Part C of
Chapter 85 of the Laws of 2002. It would provide taxpayers with a tax
credit equal to the costs of removal or permanent closure of an
existing unprotected below-ground or aboveground residential fuel oil
storage tank used to provide heating fuel for single to four family
residences located in new York not to exceed five hundred dollars.
2011-S817 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
S. 817 A. 513
2011-2012 Regular Sessions
S E N A T E - A S S E M B L Y
(PREFILED)
January 5, 2011
___________
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Investi-
gations and Government Operations
IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred
to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a residential
fuel oil storage tank credit
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 (p-1) to read as follows:
(P-1) RESIDENTIAL FUEL OIL STORAGE TANK CREDIT. (1) ALLOWANCE OF CRED-
IT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER
PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR THE REMOVAL OR
PERMANENT CLOSURE OR INSTALLATION OF A BELOW-GROUND OR ABOVEGROUND RESI-
DENTIAL FUEL OIL STORAGE TANK USED TO PROVIDE HEATING FUEL FOR SINGLE TO
FOUR-FAMILY RESIDENCES LOCATED IN THIS STATE.
(2) AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE
COSTS OF REMOVAL OR PERMANENT CLOSURE OF AN EXISTING UNPROTECTED BELOW-
GROUND OR ABOVE-GROUND RESIDENTIAL FUEL OIL TANK NOT TO EXCEED FIVE
HUNDRED DOLLARS.
(3) LIMITATION. A CREDIT ALLOWED UNDER THIS SUBSECTION MAY BE ALLOWED
ONLY ONCE WITH RESPECT TO A PARTICULAR RESIDENCE.
(4) CARRYOVER. IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS
SUBSECTION EXCEEDS THE TAXPAYER'S TAX FOR ANY TAXABLE YEAR, THE EXCESS
MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED
FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
S 2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law and shall apply to
taxable years beginning after such date.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.