assembly Bill A8047A

2017-2018 Legislative Session

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

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


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

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2018 print number 8047a
Jan 05, 2018 amend (t) and recommit to ways and means
Jan 03, 2018 referred to ways and means
May 25, 2017 referred to ways and means

Co-Sponsors

A8047 (ACTIVE) - Details

See Senate Version of this Bill:
S5439
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2019-2020 Legislative Session:
A954, S830

A8047 (ACTIVE) - Summary

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

A8047 (ACTIVE) - 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

A8047A (ACTIVE) - Details

See Senate Version of this Bill:
S5439
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2019-2020 Legislative Session:
A954, S830

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".

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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