senate Bill S4734

2013-2014 Legislative Session

Establishes a tax credit for the removal or permanent enclosure of a residential fuel oil storage tank

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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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

Votes

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Apr 29, 2014 - Investigations and Government Operations committee Vote

S4734
8
0
committee
8
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
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Investigations and Government Operations Committee Vote: Apr 29, 2014

aye wr (1)

Co-Sponsors

S4734 - Bill Details

See Assembly Version of this Bill:
A6803
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S817, A513
2009-2010: S236, A342

S4734 - Bill Texts

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Establishes a tax credit for the removal or permanent enclosure of a residential fuel oil storage tank.

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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
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 residential fuel oil tank which was
removed or permanently closed during the taxable year, not to exceed
$500. The credit would be allowed once per residence and may be
carried forward to the following year or years and may be deducted
from the taxpayer's tax for such year or years.

The original residential fuel oil storage tank credit was a successful
mechanism to get New Yorkers to replace and close underground oil
tanks. Undoubtedly, individuals who did not act to remove these tanks
before the program's expiration in 2003 are experiencing further
corrosion as their tanks continue to age. This legislation would give
New Yorkers another opportunity to take advantage of this incentive to
protect their homes and the environment from the risk of contamination
by an existing neglected below-ground or above-ground residential fuel
oil storage tank.

LEGISLATIVE HISTORY:

2011-12:A.513/S.817
2009-10:A.342/S.236
2007-08:A.184/S.146
2005-06:A.4609-A/S.3144-A.

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:


This act shall take effect on the first of January next succeeding the
date on which it shall have become a law and shall apply to taxable
years beginning after such date.

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                    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

S. 4734                             2                            A. 6803

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.

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