senate Bill S1240

2015-2016 Legislative Session

Extends the biofuel credit and requires all municipalities to use biofuels for any purpose which requires the use of fuel

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Energy And Telecommunications Committee

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

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view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to energy and telecommunications
Jan 09, 2015 referred to energy and telecommunications

S1240 (ACTIVE) - Details

See Assembly Version of this Bill:
Current Committee:
Senate Energy And Telecommunications
Law Section:
Tax Law
Laws Affected:
Amd §28, Tax L; add §99-x, Gen Muni L
Versions Introduced in Other Legislative Sessions:
2009-2010: A8835
2011-2012: S3985, A1371
2013-2014: S407, A1409
2017-2018: S4183, A2076

S1240 (ACTIVE) - Summary

Extends the biofuel credit and requires all municipalities to use biofuels for any purpose which requires the use of fuel.

S1240 (ACTIVE) - Sponsor Memo

S1240 (ACTIVE) - Bill Text download pdf

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


                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             January 9, 2015

Introduced  by  Sen.  DILAN  -- read twice and ordered printed, and when
  printed to be committed to the Committee on  Energy  and  Telecommuni-

AN ACT to amend the tax law, in relation to extending the biofuel credit
  and  to  amend the general municipal law, in relation to requiring all
  municipalities to use biofuels for any purpose which requires the  use
  of fuel


  Section 1. Subdivision (a) of section 28 of the tax law, as amended by
section 1 of part K of chapter 59 of the laws of  2012,  is  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 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] NINE 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.
  S 2. The general municipal law is amended by adding a new section 99-x
to read as follows:

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


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