senate Bill S1699

2021-2022 Legislative Session

Relates to providing a tax credit for densified biomass fuel expenditures

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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 05, 2022 referred to budget and revenue
Jan 14, 2021 referred to budget and revenue

S1699 (ACTIVE) - Details

See Assembly Version of this Bill:
A497
Current Committee:
Senate Budget And Revenue
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2017-2018: S5439, A8047
2019-2020: S830, A954

S1699 (ACTIVE) - Summary

Relates to providing a tax credit for densified biomass fuel expenditures; defines "qualified densified biomass fuel expenditures" and "densified biomass fuel".

S1699 (ACTIVE) - Sponsor Memo

S1699 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1699
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 14, 2021
                                ___________
 
 Introduced  by Sen. GALLIVAN -- 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 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 (kkk) to read as follows:
   (KKK)  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

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.