Assembly Bill A9552

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

                                  9552

                          I N  A S S E M B L Y

                             March 16, 2016
                               ___________

Introduced  by  M. of A. STIRPE, BARCLAY, OAKS -- read once and referred
  to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to establishing a  zero  carbon
  emission tax credit

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 210-B of the tax law is amended  by  adding  a  new
subdivision 51 to read as follows:
   51.  ZERO CARBON EMISSION TAX CREDIT. (A) A TAXPAYER SHALL BE ALLOWED
A CREDIT AGAINST THE TAX IMPOSED BY  THIS  ARTICLE  PROVIDED  THAT  SUCH
TAXPAYER  CONDUCTS BUSINESS IN A COUNTY WITH A POPULATION OF ONE HUNDRED
TWENTY-TWO THOUSAND ONE HUNDRED  NINE  ACCORDING  TO  THE  2010  FEDERAL
CENSUS,  AND  HAS A NAMEPLATE CAPACITY OF EIGHT HUNDRED EIGHTY-TWO MEGA-
WATTS.
  (B) FOR PURPOSES OF THIS SUBDIVISION, THE FOLLOWING DEFINITIONS  SHALL
APPLY;
  (I) "NAMEPLATE CAPACITY" SHALL MEAN THE NUMBER REGISTERED WITH AUTHOR-
ITIES  FOR CLASSIFYING THE POWER OUTPUT OF A POWER STATION IN ACCORDANCE
WITH NEW YORK INDEPENDENT SYSTEM OPERATOR.
  (II) "MEGAWATT" SHALL MEAN  THE  MEASUREMENT  USED  TO  DETERMINE  THE
OUTPUT OF A POWER PLANT.
  (III) "REFUEL" SHALL MEAN THE BIENNIAL PROCESS IN WHICH NUCLEAR PLANTS
REPLACE FUEL AND CONDUCT OTHER NECESSARY MAINTENANCE AND REPAIRS.
  (C)  THE  AMOUNT OF THE CREDIT SHALL BE EQUAL TO SIXTY MILLION DOLLARS
ANNUALLY.
  (D) IF THE AMOUNT OF CREDIT ALLOWED UNDER  THIS  SUBDIVISION  FOR  ANY
TAXABLE  YEAR  SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR, THE EXCESS
SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN
ACCORDANCE  WITH  THE  PROVISIONS  OF SECTION ONE THOUSAND EIGHTY-SIX OF
THIS CHAPTER, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID ON  SUCH
REFUND,  NOTWITHSTANDING THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE
THOUSAND EIGHTY-EIGHT OF THIS CHAPTER.
  (E) A TAXPAYER BENEFITTING FROM THE CREDIT SHALL BE REQUIRED TO REFUEL
THE FACILITY IN TWO THOUSAND SIXTEEN AND IN TWO  THOUSAND  EIGHTEEN  AND

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

                                                           LBD14664-01-6

A. 9552                             2

SHALL BE REQUIRED TO CONTINUE OPERATING AS AN ELECTRIC GENERATING FACIL-
ITY  UNTIL  TWO  THOUSAND  TWENTY.  IF THE TAXPAYER DOES NOT COMPLY WITH
THESE REQUIREMENTS, THE TAXPAYER SHALL BE REQUIRED TO ADD BACK THE CRED-
IT  AS  TAX  IN  THE CURRENT TAXABLE YEAR THE FULL AMOUNT OF ZERO CARBON
EMISSION TAX CREDIT CLAIMED.
  S 2. This act shall take effect immediately and shall apply to taxable
year 2015.