senate Bill S5439B

2017-2018 Legislative Session

Relates to providing a tax credit for densified biomass fuel expenditures

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Current Bill Status - In Senate Investigations And Government Operations 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 (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to investigations and government operations
Dec 04, 2017 print number 5439b
Dec 04, 2017 amend and recommit to investigations and government operations
May 19, 2017 print number 5439a
May 19, 2017 amend (t) and recommit to investigations and government operations
Mar 28, 2017 referred to investigations and government operations

S5439 - Details

See Assembly Version of this Bill:
A8047A
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S5439 - Summary

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

S5439 - Sponsor Memo

S5439 - Bill Text download pdf

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

                                  5439

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                             March 28, 2017
                               ___________

Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09855-01-7

S5439A - Details

See Assembly Version of this Bill:
A8047A
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S5439A - Summary

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

S5439A - Sponsor Memo

S5439A - Bill Text download pdf

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

                                 5439--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                             March 28, 2017
                               ___________

Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment  Operations  --  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 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 WHERE THE STOVE,  BOILER
OR  FURNACE USED TO CONVERT HEAT ENERGY IN THE DENSIFIED BIOMASS FUEL TO
USEFUL THERMAL ENERGY HAS A THERMAL EFFICIENCY RATING OF AT LEAST SEVEN-
TY-FIVE PERCENT AS MEASURED BY THE HIGHER HEATING VALUE OF THE FUEL.
  (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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09855-02-7

S5439B (ACTIVE) - Details

See Assembly Version of this Bill:
A8047A
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S5439B (ACTIVE) - Summary

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

S5439B (ACTIVE) - Sponsor Memo

S5439B (ACTIVE) - Bill Text download pdf

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

                                 5439--B

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                             March 28, 2017
                               ___________

Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment  Operations  --  committee  discharged,  bill  amended,   ordered
  reprinted  as  amended  and recommitted to said committee -- 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09855-04-7

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