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Assembly Bill A7928

2011-2012 Legislative Session

Establishes a residential fuel oil storage tank credit for the removal or permanent closure and installation of below or above ground fuel oil tank

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Archive: Last Bill Status - In Assembly Committee

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2011-A7928 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
A7003

2011-A7928 (ACTIVE) - Summary

Establishes a residential fuel oil storage tank credit for the removal or permanent closure and installation of below or above ground fuel oil tank used to provide heating fuel for single to four family residence.

2011-A7928 (ACTIVE) - Bill Text download pdf 

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

                                  7928

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 24, 2011
                               ___________

Introduced  by M. of A. SALADINO, BURLING -- Multi-Sponsored by -- M. of
  A. McDONOUGH, 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  against  personal  income  taxes;  and
  providing for the repeal of such provisions upon expiration thereof

  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  AND  INSTALLATION  OF A BELOW-GROUND OR ABOVE-GROUND
RESIDENTIAL 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 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 AND THE PURCHASE AND INSTALLA-
TION COSTS OF A NEW BELOW-GROUND OR ABOVE-GROUND  RESIDENTIAL  FUEL  OIL
STORAGE  TANK  WHICH IS INSTALLED DURING THE TAXABLE YEAR WHERE SUCH NEW
TANK IS USED IN PLACE OF SUCH FORMERLY USED UNPROTECTED BELOW-GROUND  OR
ABOVE-GROUND  RESIDENTIAL FUEL OIL TANK WHICH WAS REMOVED OR PERMANENTLY
CLOSED DURING THE TAXABLE YEAR  OR  THE  IMMEDIATELY  PRECEDING  TAXABLE
YEAR, NOT TO EXCEED FIVE HUNDRED DOLLARS.
  (3) LIMITATIONS. 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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09034-01-1

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