senate Bill S830

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 Senate Committee 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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 09, 2019 referred to investigations and government operations

S830 (ACTIVE) - Details

See Assembly Version of this Bill:
A954
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2017-2018 Legislative Session:
S5439, A8047

S830 (ACTIVE) - Summary

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

S830 (ACTIVE) - Sponsor Memo

S830 (ACTIVE) - Bill Text download pdf


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

                                   830

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             January 9, 2019
                               ___________

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 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.

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