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Assembly Bill A8688A

2015-2016 Legislative Session

Relates to establishing a zero carbon emission tax credit

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Archive: Last Bill Status - Stricken

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Bill Amendments

co-Sponsors

2015-A8688 - Details

See Senate Version of this Bill:
S6477
Law Section:
Tax Law
Laws Affected:
Amd §210-B, Tax L

2015-A8688 - Summary

Relates to establishing a zero carbon emission tax credit.

2015-A8688 - Bill Text download pdf 

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

                                  8688

                          I N  A S S E M B L Y

                            January 12, 2016
                               ___________

Introduced  by M. of A. BARCLAY -- read once and referred to the Commit-
  tee 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.
  (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

co-Sponsors

2015-A8688A (ACTIVE) - Details

See Senate Version of this Bill:
S6477
Law Section:
Tax Law
Laws Affected:
Amd §210-B, Tax L

2015-A8688A (ACTIVE) - Summary

Relates to establishing a zero carbon emission tax credit.

2015-A8688A (ACTIVE) - Bill Text download pdf 

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

                                 8688--A

                          I N  A S S E M B L Y

                            January 12, 2016
                               ___________

Introduced  by  M.  of A. BARCLAY, OAKS -- read once and referred to the
  Committee on Ways and Means --  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.
                                                           LBD13267-07-6

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