|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 15, 2014||referred to investigations and government operations|
senate Bill S7452
Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7452 (ACTIVE) - Details
S7452 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7452 TITLE OF BILL: An act to amend the tax law, in relation to biofuel production credit for production of biomethane PURPOSE: Relates to production credit for production of biomethane SUMMARY OF PROVISIONS: Section 1 renumbers section 38-a to Section 28 of the tax law, as added by section 1 of part X of chapter 62 of the laws of 2006 that establishes a new credit of twenty-five cents per gallon for production of biomethane after the production of the first forty thousand gallons per year presented to market Section 2 defines the term "biomethane" Section 3 amends Section 187-c of the tax law, as amended by section 2 of part K of chapter 59 of the laws of 2012, with regards to the biofuel production credit Section 4 also amends Section 187-c of the tax law, as amended by section 15 of part S of chapter 59 of the laws of 2014, with regards to the biofuel production credit Section 5 amends subdivision 38 of section 210 of the tax law, as amended by section 3 of part K of chapter 59 of the laws of 2012, with
S7452 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7452 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 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 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 gallon OR TWENTY-FIVE CENTS PER GALLON FOR PRODUCTION OF BIOMETHANE 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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