|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 09, 2019||referred to investigations and government operations|
senate Bill S830
Current Bill Status - In Senate Committee Investigations And Government Operations Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S830 (ACTIVE) - Details
S830 (ACTIVE) - Sponsor Memo
BILL NUMBER: S830 SPONSOR: GALLIVAN TITLE OF BILL: 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 thereof PURPOSE: This bill creates a tax credit for the purchase of biomass fuel for residential use, typically wood pellets for use in a wood pellet boiler. SUMMARY OF PROVISIONS: Section 1. Amends the tax law to add a new subsection that permits a resident owner of real property to claim a tax credit in an amount equal to thirty percent of qualified biomass fuel expenditures; defines "qual- ified biomass fuel expenditures" and "biomass fuel" accordingly.
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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