|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 05, 2022||referred to budget and revenue|
|Jan 20, 2021||referred to budget and revenue|
senate Bill S2290
Current Bill Status - In Senate Committee Budget And Revenue Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2290 (ACTIVE) - Details
S2290 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2290 SPONSOR: JORDAN TITLE OF BILL: An act to amend the tax law, in relation to providing a tax credit for the purchase of on-farm anaerobic digesters or other farm-related equip- ment that is used in the process of turning farm waste into methane for commercial use SUMMARY OF PROVISIONS: Section 1: Amends the tax law to add two new sections 28-1 and 187-q, to allow a claim of a one-time tax credit for the purchase and implementa- tion at a farm in New York State for an on-farm anaerobic digester or other farm-related equipment that is used in the process of turning farm waste into methane for use by the taxpayer or other commercial use. Section 2: Amends section 210-B of the tax law to add subdivision 28, to allow a tax credit for methane production to be computed against the tax liability imposed under current tax law.
S2290 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2290 2021-2022 Regular Sessions I N S E N A T E January 20, 2021 ___________ Introduced by Sen. JORDAN -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue AN ACT to amend the tax law, in relation to providing a tax credit for the purchase of on-farm anaerobic digesters or other farm-related equipment that is used in the process of turning farm waste into meth- ane for commercial use THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The tax law is amended by adding two new sections 28-a and 187-q to read as follows: § 28-A. METHANE PRODUCTION EQUIPMENT CREDIT. (A) GENERAL. A TAXPAYER SUBJECT TO TAX UNDER ARTICLE NINE, NINE-A OR TWENTY-TWO OF THIS CHAPTER SHALL BE ALLOWED A ONE-TIME CREDIT AGAINST SUCH TAX PURSUANT TO THE PROVISIONS REFERENCED IN SUBDIVISION (B) OF THIS SECTION. THE CREDIT (OR PRO RATA SHARE OF THE CREDIT IN THE CASE OF A PARTNERSHIP) FOR THE PURCHASE AND IMPLEMENTATION AT A FARM LOCATED IN NEW YORK STATE OF ON-FARM ANAEROBIC DIGESTERS OR OTHER FARM-RELATED EQUIPMENT THAT IS USED IN THE PROCESS OF TURNING FARM WASTE INTO METHANE FOR USE BY THE TAXPAY- ER OR OTHER COMMERCIAL USE SHALL BE THE FULL-VALUE OF THE EQUIPMENT AT THE TIME OF PURCHASE. THE TAX CREDIT ALLOWED PURSUANT TO THIS SECTION SHALL APPLY TO TAXABLE YEARS BEGINNING ON AND AFTER JANUARY FIRST, TWO THOUSAND TWENTY-TWO. (B) CROSS-REFERENCES. FOR APPLICATION OF THE CREDIT PROVIDED FOR IN THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER: (1) ARTICLE 9: SECTION 187-Q. (2) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 28. (3) ARTICLE 22: SECTION 606, SUBSECTIONS (I) AND (KKK). § 187-Q. METHANE PRODUCTION EQUIPMENT CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT TO BE COMPUTED AS PROVIDED IN SECTION TWENTY-EIGHT-A OF THIS CHAPTER AGAINST THE TAX IMPOSED BY THIS ARTICLE. PROVIDED, HOWEVER, THAT THE AMOUNT OF SUCH CREDIT ALLOWED AGAINST THE TAX IMPOSED BY SECTION ONE HUNDRED EIGHTY-FOUR OF THIS ARTICLE SHALL BE THE EXCESS OF THE AMOUNT OF SUCH CREDIT OVER THE AMOUNT OF ANY CREDIT ALLOWED BY THIS SECTION AGAINST THE TAX IMPOSED BY SECTION ONE HUNDRED EIGHTY-THREE OF
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