senate Bill S7452

2013-2014 Legislative Session

Relates to production credit for production of biomethane

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Sponsored By

Archive: Last Bill Status -

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

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view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 15, 2014 referred to investigations and government operations

S7452 - Details

Law Section:
Tax Law
Laws Affected:
Ren §28 to be §38-a, amd §§38-a, 187-c, 210, 606 & 210-B, Tax L

S7452 - Summary

Relates to biofuel production credit for production of biomethane, a biodiesel fuel.

S7452 - Sponsor Memo

S7452 - Bill Text download pdf

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


                            I N  S E N A T E

                              May 15, 2014

Introduced  by  Sen.  GIPSON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law, in relation to  biofuel  production  credit
  for production of biomethane


  Section 1. Section 28 of the tax law, as added by section 1 of part  X
of chapter 62 of the laws of 2006, is renumbered section 38-a.
  S 2. Subdivisions (a) and (b) of section 38-a of the tax law, subdivi-
sion  (a) as amended by section 1 of part K of chapter 59 of the laws of
2012, subdivision (b) as added by section 1 of part X of chapter  62  of
the laws of 2006, such section as renumbered by section one of this act,
are amended to read as follows:
  (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
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.
  (b) Definitions. For the purpose of this section, the following  terms
shall have the following meanings:

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


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