|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Apr 29, 2014||reported and committed to finance|
|Jan 08, 2014||referred to investigations and government operations|
|Apr 19, 2013||referred to investigations and government operations|
senate Bill S4734
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4734 - Details
S4734 - Summary
Establishes a tax credit for the removal or permanent enclosure of a residential fuel oil storage tank.
S4734 - Sponsor Memo
BILL NUMBER:S4734 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. SUMMARY OF PROVISIONS: Section 606 of the tax law is amended by adding a new subsection (p-1) to provide for a residential fuel oil storage tank credit. A taxpayer shall be allowed a credit 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 New York. 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 below-ground or aboveground residential fuel oil tank and the
S4734 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 4734 A. 6803 2013-2014 Regular Sessions S E N A T E - A S S E M B L Y April 19, 2013 ___________ 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 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 THE CREDIT SHALL BE EQUAL TO THE COSTS OF REMOVAL OR PERMANENT CLOSURE OF AN EXISTING BELOW-GROUND OR ABOVE-GROUND RESIDENTIAL FUEL OIL TANK AND THE PURCHASE AND INSTALLATION 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 BELOW-GROUND OR ABOVE-GROUND RESI- DENTIAL FUEL OIL TANK WHICH WAS REMOVED OR PERMANENTLY CLOSED DURING THE TAXABLE YEAR, 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10324-02-3
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