NY State Senate Bill 2015-S6477A

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 22, 2016	print number 6477a
Feb 22, 2016	amend and recommit to investigations and government operations
Jan 19, 2016	referred to investigations and government operations

Bill Amendments

Original

A (Active)

2015-S6477 - Details

See Assembly Version of this Bill:: A9552
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §210-B, Tax L

2015-S6477 - Summary

Relates to establishing a zero carbon emission tax credit.

2015-S6477 - Sponsor Memo

2015-S6477 - Bill Text download pdf

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

                                  6477

                            I N  S E N A T E

                            January 19, 2016
                               ___________

Introduced  by  Sen. RITCHIE -- 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 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.
  (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.
  S 2. This act shall take effect immediately and shall apply to taxable
year 2015.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13267-02-5

2015-S6477A (ACTIVE) - Details

See Assembly Version of this Bill:: A9552
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §210-B, Tax L

2015-S6477A (ACTIVE) - Summary

Relates to establishing a zero carbon emission tax credit.

2015-S6477A (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S6477A

 TITLE OF BILL :  An act to amend the tax law, in relation to
establishing a zero carbon emission tax credit

 PURPOSE :

To create a corporate franchise tax credit for taxpayers that are
located in certain counties with certain nameplate capacities.

 SUMMARY OF PROVISIONS :

Section 1 amends § 210-B of the Tax Law by adding a new subdivision
creating the zero carbon emission tax credit. The credit is claimed
against the corporate franchise tax and is available to taxpayers that
are located in counties with a population of 122,109 according to the
2010 census, and have a nameplate capacity of 882 megawatts.  The
credit is refundable and equals the amount of $60 million. This
section also provides a recapture provision requiring the benefitting
taxpaying facility to refuel in 2016 and in 2018 and requires that the
facility continue to operate as an electric generating facility until
2020. Failure to adhere to these requirements will result in the $60
million credit being added back to the taxpayer's liability.

Section 2 provides the effective date.

 EXISTING LAW :

Article 9-A relates to the franchise tax on business corporations.
Section 210-B of this Article enumerates the credits for the franchise
tax. This bill provides a new credit to this section.

 JUSTIFICATION :

Currently, state programming, like the Regional Greenhouse Gas
Initiative and the Renewable Portfolio Standard, places a great
emphasis on the use of renewable technologies to reduce carbon
emissions in our state. However, these programs should also support
the use of other low carbon emitting sources of electricity. This bill
ensures that markets for low carbon electricity producers are
supported to reduce carbon emissions.

 LEGISLATIVE HISTORY :

New bill.

 FISCAL IMPLICATIONS :

This bill would cost $60 million to the state.

 EFFECTIVE DATE :
This act shall take effect immediately and shall apply to the taxable
year 2015.

2015-S6477A (ACTIVE) - Bill Text download pdf

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

                                 6477--A

                            I N  S E N A T E

                            January 19, 2016
                               ___________

Introduced  by  Sen. RITCHIE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment  Operations  --  committee  discharged,  bill  amended,   ordered
  reprinted as amended and recommitted to said committee

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.

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

                                                           LBD13267-08-6

S. 6477--A                          2

  (E) A TAXPAYER BENEFITTING FROM THE CREDIT SHALL BE REQUIRED TO REFUEL
THE  FACILITY  IN  TWO THOUSAND SIXTEEN AND IN TWO THOUSAND EIGHTEEN AND
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.

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Senate Bill S6477A

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Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Actions

Bill Amendments

2015-S6477 - Details

2015-S6477 - Summary

2015-S6477 - Sponsor Memo

2015-S6477 - Bill Text download pdf

2015-S6477A (ACTIVE) - Details

2015-S6477A (ACTIVE) - Summary

2015-S6477A (ACTIVE) - Sponsor Memo

2015-S6477A (ACTIVE) - Bill Text download pdf

Comments

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Sponsored By

Patty Ritchie

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

Actions

Bill Amendments

2015-S6477 - Details

2015-S6477 - Summary

2015-S6477 - Sponsor Memo

2015-S6477 - Bill Text download pdf

2015-S6477A (ACTIVE) - Details

2015-S6477A (ACTIVE) - Summary

2015-S6477A (ACTIVE) - Sponsor Memo

2015-S6477A (ACTIVE) - Bill Text download pdf

Comments