S T A T E   O F   N E W   Y O R K
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                                    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 deemed repealed five years after such effective date.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
              

                       [ ] is old law to be omitted.
                                                            LBD02888-01-9