Assembly Bill A389A

2017-2018 Legislative Session

Relates to biofuel production credit for production of cellulosic ethanol

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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Bill Amendments

2017-A389 - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Ren §28 to be §28-a, amd §§28-a, 187-c, 210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9997
2013-2014: A9389
2015-2016: A1830

2017-A389 - Summary

Includes the production of cellulosic ethanol within the biofuel production tax credit.

2017-A389 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    389
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2017
                                ___________
 
 Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to  biofuel  production  credit
   for production of cellulosic ethanol
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 28 of the tax law, as added by section 1 of part  X
 of chapter 62 of the laws of 2006, subdivision (a) as amended by section
 1  of  part  K  of  chapter  59  of the laws of 2012, subdivision (d) as
 amended by section 46 of part A of chapter 59 of the laws  of  2014,  is
 renumbered section 28-a and amended to read as follows:
   § 28-a. Biofuel production credit.  (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 OR TWENTY-FIVE CENTS PER GALLON FOR
 PRODUCTION OF CELLULOSIC ETHANOL 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 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]
 TWENTY-THREE.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06053-01-7
              

2017-A389A (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Ren §28 to be §28-a, amd §§28-a, 187-c, 210-B & 606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A9997
2013-2014: A9389
2015-2016: A1830

2017-A389A (ACTIVE) - Summary

Includes the production of cellulosic ethanol within the biofuel production tax credit.

2017-A389A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  389--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2017
                                ___________
 
 Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
   tee 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  biofuel  production  credit
   for production of cellulosic ethanol
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 28 of the tax law, as added by section 1 of part  X
 of chapter 62 of the laws of 2006, subdivision (a) as amended by section
 1  of  part  K  of  chapter  59  of the laws of 2012, subdivision (d) as
 amended by section 46 of part A of chapter 59 of the laws  of  2014,  is
 renumbered section 28-a and amended to read as follows:
   § 28-a. Biofuel production credit.  (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 OR TWENTY-FIVE CENTS PER GALLON FOR
 PRODUCTION OF CELLULOSIC ETHANOL 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 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06053-02-8
              

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