senate Bill S4741

2021-2022 Legislative Session

Relates to establishing a mollusk shell recycling tax credit

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue 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
Feb 10, 2021 referred to budget and revenue

Co-Sponsors

S4741 (ACTIVE) - Details

See Assembly Version of this Bill:
A258
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §§210-B & 606, Tax L; amd §3-0301, En Con L
Versions Introduced in Other Legislative Sessions:
2017-2018: A584
2019-2020: S4718, A655

S4741 (ACTIVE) - Summary

Establishes a mollusk shell recycling tax credit and directs DEC to promulgate necessary regulations.

S4741 (ACTIVE) - Sponsor Memo

S4741 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4741
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 10, 2021
                                ___________
 
 Introduced by Sens. KAMINSKY, BIAGGI, GOUNARDES, MYRIE -- 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 and the environmental conservation  law,  in
   relation to establishing a bivalve mollusk shell recycling tax credit

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 210-B of the tax law is amended  by  adding  a  new
 subdivision 55 to read as follows:
   55.  BIVALVE  MOLLUSK  SHELL  RECYCLING  CREDIT.  A  TAXPAYER SHALL BE
 ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER PROVIDED AGAINST THE TAX
 IMPOSED BY THIS ARTICLE, FOR THE RECYCLING OF  BIVALVE  MOLLUSK  SHELLS.
 THE AMOUNT OF THE CREDIT SHALL BE THE LESSER OF ONE THOUSAND DOLLARS, OR
 TEN CENTS MULTIPLIED BY THE NUMBER OF POUNDS OF MOLLUSK SHELLS CERTIFIED
 BY  THE  NEW  YORK  STATE  DEPARTMENT OF ENVIRONMENTAL CONSERVATION. THE
 CREDIT ALLOWED UNDER THIS SUBDIVISION FOR ANY  TAXABLE  YEAR  SHALL  NOT
 REDUCE  THE  TAX DUE FOR SUCH YEAR TO LESS THAN THE FIXED DOLLAR MINIMUM
 AMOUNT PRESCRIBED IN PARAGRAPH (D) OF SUBDIVISION  ONE  OF  SECTION  TWO
 HUNDRED TEN OF THIS ARTICLE. IN ORDER FOR A TAXPAYER TO QUALIFY FOR THIS
 CREDIT, THE SHELLS SHALL BE DONATED TO AN ENTITY OR ORGANIZATION PERMIT-
 TED BY THE DEPARTMENT OF ENVIRONMENTAL CONSERVATION TO REUSE SUCH SHELLS
 FOR THE BENEFICIAL USE OF OYSTER REEF RESTORATION.
   §  2. Section 606 of the tax law is amended by adding a new subsection
 (kkk) to read as follows:
   (KKK) BIVALVE MOLLUSK SHELL RECYCLING CREDIT. (1) A TAXPAYER SHALL  BE
 ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER PROVIDED AGAINST THE TAX
 IMPOSED BY THIS ARTICLE, FOR THE RECYCLING OF BIVALVE MOLLUSK SHELLS.
   (2)  THE  AMOUNT  OF  THE  CREDIT  SHALL BE THE LESSER OF ONE THOUSAND
 DOLLARS, OR TEN CENTS MULTIPLIED BY THE  NUMBER  OF  POUNDS  OF  BIVALVE
 MOLLUSK  SHELLS  CERTIFIED  BY THE NEW YORK STATE DEPARTMENT OF ENVIRON-
 MENTAL CONSERVATION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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