Assembly Bill A4550

2021-2022 Legislative Session

Relates to production credit for production of biomethane

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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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2021-A4550 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
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:
2015-2016: A8072
2017-2018: A6249
2019-2020: A6269
2023-2024: A1886

2021-A4550 (ACTIVE) - Summary

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

2021-A4550 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4550
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2021
                                ___________
 
 Introduced by M. of A. WALKER -- Multi-Sponsored by -- M. of A. SIMON --
   read once and referred to the Committee on Ways and Means
 
 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  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
 pursuant to this section shall apply to taxable years  beginning  before
 January first, two thousand twenty.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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