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Assembly Bill A8047A

2017-2018 Legislative Session

Relates to providing a tax credit for the cost of wood pellets

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

co-Sponsors

2017-A8047 - Details

See Senate Version of this Bill:
S5439
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A954, S830
2021-2022: A497, S1699
2023-2024: A1458, S192
2025-2026: S729

2017-A8047 - Summary

Relates to providing a tax credit for the cost of wood pellets; defines "qualified densified biomass fuel expenditures" and "densified biomass fuel".

2017-A8047 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8047
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 25, 2017
                                ___________
 
 Introduced  by M. of A. JONES -- read once and referred to the Committee
   on Ways and Means
 
 AN ACT to amend the tax law, in relation to providing a tax credit for a
   portion of the  cost  of  qualified  biomass  fuel  expenditures;  and
   providing for the repeal of such provisions upon expiration thereof

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (ccc) to read as follows:
   (CCC) CREDIT FOR QUALIFIED BIOMASS FUEL EXPENDITURES. (1) ANY RESIDENT
 OWNER OF REAL PROPERTY AS DEFINED IN SECTION ONE HUNDRED TWO OF THE REAL
 PROPERTY TAX LAW SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED UNDER
 THIS  ARTICLE  IN AN AMOUNT EQUAL TO THIRTY PERCENT OF QUALIFIED BIOMASS
 FUEL EXPENDITURES.
   (2) FOR PURPOSES OF THIS SUBSECTION, THE FOLLOWING  DEFINITIONS  SHALL
 APPLY:
   (A)  "QUALIFIED BIOMASS FUEL EXPENDITURES" SHALL MEAN EXPENDITURES FOR
 THE COST OF BIOMASS FUEL USED TO HEAT A DWELLING  UNIT  LOCATED  IN  THE
 STATE  AND USED AS A RESIDENCE BY THE TAXPAYER, OR TO HEAT WATER FOR USE
 IN SUCH A DWELLING UNIT, AND THAT HAS A THERMAL EFFICIENCY RATING OF  AT
 LEAST  SEVENTY-FIVE  PERCENT  AS MEASURED BY THE HIGHER HEATING VALUE OF
 THE FUEL.
   (B) "BIOMASS FUEL" SHALL MEAN ANY PLANT-DERIVED FUEL  AVAILABLE  ON  A
 RENEWABLE  OR  RECURRING  BASIS, INCLUDING AGRICULTURAL CROPS AND TREES,
 WOOD, WOOD WASTE RESIDUES, PLANTS, AND PLANT RESIDUES AND  FIBERS.  SUCH
 TERM SHALL INCLUDE COMPRESSED BIOMASS FUELS SUCH AS WOOD PELLETS.
   (3)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION 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 SIX HUNDRED EIGHTY-SIX OF THIS
 ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
   § 2. This act shall take effect immediately and shall  expire  and  be
 deemed repealed five years after such effective date.

co-Sponsors

2017-A8047A (ACTIVE) - Details

See Senate Version of this Bill:
S5439
Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: A954, S830
2021-2022: A497, S1699
2023-2024: A1458, S192
2025-2026: S729

2017-A8047A (ACTIVE) - Summary

Relates to providing a tax credit for the cost of wood pellets; defines "qualified densified biomass fuel expenditures" and "densified biomass fuel".

2017-A8047A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8047--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 25, 2017
                                ___________
 
 Introduced  by M. of A. JONES, HARRIS, WILLIAMS, CROUCH -- read once and
   referred to the Committee on Ways and  Means  --  recommitted  to  the
   Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted to said committee

 AN ACT to amend the tax law, in relation to providing a tax credit for a
   portion of the cost of qualified densified biomass fuel  expenditures;
   and providing for the repeal of such provisions upon expiration there-
   of
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
 subsection (ccc) to read as follows:
   (CCC)  CREDIT  FOR QUALIFIED DENSIFIED BIOMASS FUEL EXPENDITURES.  (1)
 ANY RESIDENT OWNER OF REAL PROPERTY AS DEFINED IN  SECTION  ONE  HUNDRED
 TWO  OF  THE REAL PROPERTY TAX LAW SHALL BE ALLOWED A CREDIT AGAINST THE
 TAX IMPOSED UNDER THIS ARTICLE IN AN AMOUNT EQUAL TO THIRTY  PERCENT  OF
 QUALIFIED DENSIFIED BIOMASS FUEL EXPENDITURES.
   (2)  FOR  PURPOSES OF THIS SUBSECTION, THE FOLLOWING DEFINITIONS SHALL
 APPLY:
   (A) "QUALIFIED DENSIFIED BIOMASS FUEL EXPENDITURES" SHALL MEAN EXPEND-
 ITURES FOR THE COST OF  DENSIFIED  BIOMASS  FUEL,  MANUFACTURED  IN  THE
 UNITED  STATES  OF  AMERICA, AND USED TO HEAT A DWELLING UNIT LOCATED IN
 THE STATE AND USED AS A RESIDENCE BY THE TAXPAYER, OR TO HEAT WATER  FOR
 USE IN SUCH A DWELLING UNIT.
   (B)  "DENSIFIED  BIOMASS  FUEL" SHALL MEAN A SOLID FUEL DERIVED BY THE
 MECHANICAL DENSIFICATION AND REFINING OF BIOMASS SOURCED FROM  WOODY  OR
 AGRICULTURAL FEEDSTOCKS. SUCH TERM SHALL INCLUDE WOOD PELLETS.
   (3)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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