Senate Bill S1613

2019-2020 Legislative Session

Relates to production credit for production of biomethane

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Energy And Telecommunications 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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2019-S1613 (ACTIVE) - Details

Current Committee:
Senate Energy And Telecommunications
Law Section:
Tax Law
Laws Affected:
Ren §28 to be §38-a, amd §§38-a, 187-c, 606 & 210-B, Tax L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7452
2015-2016: S2437
2017-2018: S2353, S6159
2021-2022: S3217
2023-2024: S2584

2019-S1613 (ACTIVE) - Summary

Relates to biofuel production credit for production of biomethane, a biodiesel fuel.

2019-S1613 (ACTIVE) - Sponsor Memo

2019-S1613 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1613
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 15, 2019
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on  Energy  and  Telecommuni-
   cations
 
 AN  ACT  to  amend the tax law, in relation to biofuel production credit
   for production of biomethane
 
   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, is renumbered section 38-a.
   § 2. Subdivisions (a) and (b) of section 38-a of the tax law, subdivi-
 sion (a) as amended by section 1 of part K of chapter 59 of the laws  of
 2012,  subdivision  (b) as added by section 1 of part X of chapter 62 of
 the laws of 2006, such section as renumbered by section one of this act,
 are amended to read as follows:
   (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 BIOMETHANE
 after the production of the first [forty]  FIFTY  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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05950-02-9
              

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