assembly Bill A954

2019-2020 Legislative Session

Relates to providing a tax credit for densified biomass fuel expenditures

download bill text pdf

Sponsored By

Current 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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 14, 2019 referred to ways and means

Co-Sponsors

A954 (ACTIVE) - Details

See Senate Version of this Bill:
S830
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2017-2018 Legislative Session:
A8047, S5439

A954 (ACTIVE) - Summary

Relates to providing a tax credit for densified biomass fuel expenditures; defines "qualified densified biomass fuel expenditures" and "densified biomass fuel".

A954 (ACTIVE) - Bill Text download pdf


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

                                   954

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                            January 14, 2019
                               ___________

Introduced by M. of A. JONES, WILLIAMS, CROUCH -- 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 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 (jjj) to read as follows:
  (JJJ) 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
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.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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