NY State Senate Bill 2021-S9503

Senate Bill S9503

2021-2022 Legislative Session

Provides a tax credit for the purchase or conversion of an electric vessel or zero emission vessel and provides a tax credit for electric vessel recharging property

download bill text pdf

Archive: Last Bill Status - In Senate Committee Rules 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jul 15, 2022	referred to rules

2021-S9503 (ACTIVE) - Details

Current Committee:: Senate Rules
Law Section:: Tax Law
Laws Affected:: Add §48, amd §§210-B, 606 & 187-b, Tax L
Versions Introduced in 2023-2024 Legislative Session:: S5760

2021-S9503 (ACTIVE) - Summary

Provides a tax credit for the purchase or conversion of an electric vessel or zero emission vessel; provides a tax credit for electric vessel recharging property.

2021-S9503 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9503

SPONSOR: PARKER
 
TITLE OF BILL:

An act to amend the tax law, in relation to providing a tax credit for
the purchase or conversion of an electric vessel or zero emission
vessel; and to providing a tax credit for electric vessel recharging
property

 
PURPOSE OR GENERAL IDEA OF BILL:

Provides a tax credit for the purchase or conversion of an electric
vessel or zero emission vessel and provides a tax credit for electric
vessel recharging property.

 
SUMMARY OF PROVISIONS:

Section 1 amends the tax law by adding a new section 48: Subsection
1(a)(1) Provides for the allowance of credit. It further provides that a
taxpayer that purchases a qualifying electric vessel or zero emission
vessel and that is subject tax under article 9-A or 22 of this chapter

may claim a qualifying vessel credit against such tax in the taxable
year in which the purchase is made. Subsection 1(a)(1) also provides for
the same tax claim for a taxpayer who converts a vessel to a qualifying
electric vessel or zero emission vessel.

Subsection 1(a)(2) establishes the amount of credit allowed under this
section:

(i) in the case of a qualifying electric vessel or zero emission vessel
purchased after 12/31/2022 and before 1/1/2028 shall be 30% of the tax
imposed upon such purchase pursuant to article 28;

(ii) in the case of qualifying electric vessel or zero emission vessel
purchased during the calendar year after 12/31/2028 and before 1/1/2034,
30% of the tax imposed upon such purchase pursuant to article 28 reduced
by 5 percentage points for each year after 2028.

(iii)in the case of a vessel converted to a qualifying vessel after
12/31/2022 and before 1/1/2028 shall be 30% of the tax imposed upon such
purchase pursuant to article 28;

(iv) in the case of a vessel converted to a qualifying vessel during the
calendar year after 12/31/2028 and before 1/1/2034, 30% of the tax
imposed upon such purchase pursuant to article 28 reduced by 5 percent-
age points for each year after 2028.

Subsection 1(a) (3) provides that no credit shall be allowed for a qual-
ifying vessel purchased or converted after 12/31/2034.

Subsection 1(a)(4) provides that a taxpayer that is a partner in a part-
nership, member of a limited liability company or shareholder in a
subchapter S corp shall be allowed its pro rata share of the credit
earned by the partnership, limited liability company or subchapter S
corporation that meets the eligibility criteria to claim an electric and
zero emission vessel tax credit. In no event may the total amount of the
credit earned by the partnership, limited liability company or subchap-
ter S corporation exceed $40,000 for all vessels.
Subsection 1 (a) (5) provides that where there is cost incurred as part
of the credit calculator that shall not be the basis of any other tax
credit allowed under this chapter.

Section b establishes the eligibility criteria. To be eligible to claim
an electric and zero emission vessel tax credit a taxpayer must: (1)
convert or purchase an electric vessel during the calendar year that the
credit is claimed; (2) pay taxes pursuant to article 28 on the purchase
of a electric vessel or zero emission vessel or the purchase of equip-
ment and/or service to convert to a qualifying vessel; (3) register the
vessel in the state for at least 6 months of the taxable year in which
the credit is claimed; (4) purchase of the vessel should be for personal
use or lease and (5) for conversions submit an application to and obtain
approval of such application by the department.

Section c provides the definitions: including, vessels, "electric
vessels", "zero emission vessels", "qualifying vessels".

Section d provides that the department in consultation with the depart-
ment of environmental conservation shall compile a list of qualifying
eclectic and zero emission vessels.

Section e provides that the department and the department of environ-
mental conservation shall be allowed to and directed to share and
exchange information regarding the information contained on the applica-
tion to claim credit and such information shall not be subject to
disclosure or exposure under state FOIA laws.

Section f provides that for application to the credit provided for in
this section see the provisions in: (1) article 9A: section 210-B,
subdivision; (2) article 22: section 606, subsection (000)

Section 2 amends section 210-B of the tax law by adding a new subdivi-
sion 59 which provides for an electric and zero emission vessel Tax
credit, where a taxpayer is provided credit against the taxes imposed in
this article. Section 2 also provides that the credit allowed will not
reduce the tax due or if the taxpayer otherwise pays taxes based on a
fixed dollar minimum amount, any amount of credit not deductible will be
treated as an overpayment to be credited or refunded.

Section 3 amends subparagraph (B) of paragraph 1 of subsection (i) of
section 606 of the tax law by adding a new clause (xlx).

Section 4 amends section 606 of the tax law by adding a new subsection
(000) which provides for an electric and zero emission vessel tax cred-
it, where a taxpayer is provided credit against the taxes imposed in
this article. (2) provides that if the amount of credit allowed under
this subsection for the taxable year exceeds the taxpayer's tax for such
year, the excess will be treated as an overpayment of tax to be credited
or refunded.

Section 5 amends subdivision 3 of section 187-b of the tax law by adding
a new paragraph (c) which adds the term "vessel" to the definition of
"vehicle" under section 48 of this chapter.

Section 6 amends paragraph (c) of subdivision 30 of section 210-B of the
tax law by adding a new subparagraph (iii) which adds the term "vessel"
to the definition of "vehicle" under section 48 of this chapter.
Section 7 amends paragraph 3 of subsection (p) of section 606 of the tax
law by adding a new subparagraph (c) which adds the term "vessel" to the
definition of "vehicle" under section 48 of this chapter.

Section 8 contains a severability clause.

Section 9 sets the effective date.

 
JUSTIFICATION:

With the availability of tax credits for the purchase and conversion of
electric and zero emission vessels, this legislation will help reduce
watercraft emissions and noise pollution and save money through lower
maintenance cost by incentivizing transitions to clean vessels. Maritime
transports alone are responsible for almost 2.5 percent of total green-
house gas emissions and produce over one billion tons of CO2 each year,
according to the International Maritime Organization. Such pollution is
forced upon the people who live in and by seaports. The heavy diesel
fueled boats also have significant impacts on the natural environment,
degrade water quality, and endanger aquatic and human life because the
CO2 that escapes their exhausts is absorbed by water bodies. A more
accelerated adoption of clean energy-powered vessels is necessary to
reduce this significant impact to our environment as the time to combat
climate change is waning.

Zero emission vessels also contain many characteristics that make them
much cleaner than their oft-heavy diesel powered counterparts. For exam-
ple, The electrical machines in both electric and zero emission vessels
contain fewer components, are less prone to faults, and have less wear
and tear. This translates into reduced energy loss and higher efficien-
cy. This would be pivotal since, according to Sailors for the Sea, a
nonprofit ocean conservation organization affiliated with Oceana, marine
diesel generates 21.24 pounds of CO2 per gallon of fuel. Waterfracts
with electric or zero-emission drive systems are an answer to these
emission problems and with tax credits we can help build the market and
spur the adoption of clean energy-powered vessels.

A tax credit creates greater availability for those who wish to buy
clean vessels while saving cost for those who want to convert.'This tax
incentive is significant enough to reduce the consumer cost of a new
boat and motor by thousands and in some cases by tens of thousands.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2021-S9503 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9503
 
                             I N  S E N A T E
 
                               July 15, 2022
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law, in relation to providing a tax  credit  for
   the  purchase  or  conversion  of  an electric vessel or zero emission
   vessel; and to providing a tax credit for electric  vessel  recharging
   property

   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 a new section 48  to  read
 as follows:
   §  48. ELECTRIC AND ZERO EMISSION VESSEL TAX CREDIT.  (A) ALLOWANCE OF
 CREDIT. (1) A TAXPAYER THAT PURCHASES A QUALIFYING  ELECTRIC  VESSEL  OR
 ZERO  EMISSION VESSEL, THAT MEETS THE ELIGIBILITY REQUIREMENTS OF SUBDI-
 VISION (B) OF THIS SECTION AND THAT IS  SUBJECT  TO  TAX  UNDER  ARTICLE
 NINE-A  OR  TWENTY-TWO  OF  THIS  CHAPTER MAY CLAIM AN ELECTRIC AND ZERO
 EMISSION VESSEL TAX CREDIT AGAINST SUCH TAX IN THE TAXABLE YEAR IN WHICH
 THE PURCHASE IS MADE. A TAXPAYER THAT CONVERTS A VESSEL TO A  QUALIFYING
 ELECTRIC  VESSEL  OR  ZERO  EMISSION  VESSEL, THAT MEETS THE ELIGIBILITY
 REQUIREMENTS OF SUBDIVISION (B) OF THIS SECTION AND THAT IS  SUBJECT  TO
 TAX  UNDER  ARTICLE  NINE-A  OR  TWENTY-TWO OF THIS CHAPTER MAY CLAIM AN
 ELECTRIC AND ZERO EMISSION VESSEL TAX CREDIT AGAINST  SUCH  TAX  IN  THE
 TAXABLE YEAR IN WHICH THE CONVERSION IS MADE.
   (2)  THE  AMOUNT  OF  THE  CREDIT  ALLOWED UNDER THIS SECTION SHALL BE
 CALCULATED AS FOLLOWS:
   (I) IN THE CASE OF A  QUALIFYING  ELECTRIC  VESSEL  OR  ZERO  EMISSION
 VESSEL  PURCHASED  AFTER  DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-TWO
 AND BEFORE JANUARY FIRST, TWO THOUSAND TWENTY-EIGHT, THIRTY  PERCENT  OF
 THE  TAX  IMPOSED UPON SUCH PURCHASE PURSUANT TO ARTICLE TWENTY-EIGHT OF
 THIS CHAPTER;
   (II) IN THE CASE OF A QUALIFYING  ELECTRIC  VESSEL  OR  ZERO  EMISSION
 VESSEL PURCHASED DURING A CALENDAR YEAR AFTER DECEMBER THIRTY-FIRST, TWO
 THOUSAND  TWENTY-EIGHT  AND  BEFORE  JANUARY FIRST, TWO THOUSAND THIRTY-
 FOUR, THIRTY PERCENT OF THE TAX IMPOSED UPON SUCH PURCHASE  PURSUANT  TO
 ARTICLE TWENTY-EIGHT OF THIS CHAPTER DETERMINED UNDER THIS PARAGRAPH FOR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD16131-01-2
 S. 9503                             2
 
 THE  PRECEDING CALENDAR YEAR, REDUCED BY FIVE PERCENTAGE POINTS FOR EACH
 YEAR AFTER TWO THOUSAND TWENTY-EIGHT; AND
   (III)  IN  THE CASE OF A VESSEL CONVERTED TO A QUALIFYING VESSEL AFTER
 DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-TWO AND BEFORE JANUARY FIRST,
 TWO THOUSAND TWENTY-EIGHT, THIRTY PERCENT OF THE TAX  IMPOSED  UPON  THE
 COST  OF  SUCH CONVERSION PURSUANT TO ARTICLE TWENTY-EIGHT OF THIS CHAP-
 TER; AND
   (IV) IN THE CASE OF A VESSEL CONVERTED TO A QUALIFYING VESSEL DURING A
 CALENDAR YEAR AFTER DECEMBER THIRTY-FIRST, TWO THOUSAND TWENTY-EIGHT AND
 BEFORE JANUARY FIRST, TWO THOUSAND THIRTY-FOUR, THIRTY  PERCENT  OF  THE
 TAX  IMPOSED  UPON THE COST OF SUCH CONVERSION PURSUANT TO ARTICLE TWEN-
 TY-EIGHT OF THIS CHAPTER DETERMINED UNDER THIS PARAGRAPH FOR THE PRECED-
 ING CALENDAR YEAR, REDUCED BY FIVE PERCENTAGE POINTS FOR EACH YEAR AFTER
 TWO THOUSAND TWENTY-EIGHT.
   (3) NO CREDIT SHALL BE ALLOWED FOR A QUALIFYING  VESSEL  PURCHASED  OR
 CONVERTED AFTER DECEMBER THIRTY-FIRST, TWO THOUSAND THIRTY-FOUR.
   (4) A TAXPAYER THAT IS A PARTNER IN A PARTNERSHIP, MEMBER OF A LIMITED
 LIABILITY  COMPANY OR SHAREHOLDER IN A SUBCHAPTER S CORPORATION SHALL BE
 ALLOWED ITS PRO RATA SHARE OF THE  CREDIT  EARNED  BY  THE  PARTNERSHIP,
 LIMITED  LIABILITY  COMPANY  OR  SUBCHAPTER S CORPORATION THAT MEETS THE
 ELIGIBILITY CRITERIA DESCRIBED IN SUBDIVISION (B)  OF  THIS  SECTION  TO
 CLAIM  AN  ELECTRIC AND ZERO EMISSION VESSEL TAX CREDIT. IN NO EVENT MAY
 THE TOTAL AMOUNT OF  THE  CREDIT  EARNED  BY  THE  PARTNERSHIP,  LIMITED
 LIABILITY  COMPANY  OR  SUBCHAPTER  S  CORPORATION EXCEED FORTY THOUSAND
 DOLLARS FOR ALL VESSELS IN ANY TAX YEAR.
   (5) NO COST OR EXPENSE PAID  OR  INCURRED  BY  THE  TAXPAYER  THAT  IS
 INCLUDED AS PART OF THE CALCULATION OF THIS CREDIT SHALL BE THE BASIS OF
 ANY OTHER TAX CREDIT ALLOWED UNDER THIS CHAPTER.
   (B) ELIGIBILITY CRITERIA. TO BE ELIGIBLE TO CLAIM AN ELECTRIC AND ZERO
 EMISSION VESSEL TAX CREDIT, A TAXPAYER MUST:
   (1) (I) PURCHASE AN ELECTRIC VESSEL OR ZERO EMISSION VESSEL DURING THE
 CALENDAR  YEAR FOR WHICH THE CREDIT IS CLAIMED; OR (II) CONVERT A VESSEL
 TO A QUALIFYING VESSEL DURING THE CALENDAR YEAR FOR WHICH THE CREDIT  IS
 CLAIMED;
   (2) PAY TAXES PURSUANT TO ARTICLE TWENTY-EIGHT OF THIS CHAPTER ON: (I)
 THE PURCHASE OF THE ELECTRIC VESSEL OR ZERO EMISSION VESSEL; OR (II) THE
 PURCHASE  OF EQUIPMENT AND/OR SERVICES TO CONVERT THE VESSEL TO A QUALI-
 FYING VESSEL;
   (3) REGISTER THE VESSEL IN THIS STATE FOR AT LEAST SIX MONTHS  OF  THE
 TAXABLE YEAR IN WHICH THE CREDIT IS CLAIMED;
   (4)  PURCHASE  THE  VESSEL FOR PERSONAL USE OR LEASE, NOT FOR RE-SALE;
 AND
   (5) IN THE CASE OF A CONVERSION, SUBMIT AN APPLICATION TO  AND  OBTAIN
 APPROVAL OF SUCH APPLICATION BY THE DEPARTMENT DESCRIBING THE CONVERSION
 AND APPROVED COSTS TO COMPLETE SUCH CONVERSION.
   (C)  DEFINITIONS.  AS  USED  IN THIS SECTION THE FOLLOWING TERMS SHALL
 HAVE THE FOLLOWING MEANINGS:
   (1) "VESSEL" MEANS A VESSEL AS DEFINED IN SECTION  TWENTY-TWO  HUNDRED
 FIFTY  OF  THE  VEHICLE  AND TRAFFIC LAW THAT IS AN ELECTRIC VESSEL OR A
 ZERO EMISSION VESSEL.
   (2) "ELECTRIC VESSEL" MEANS A  COMMERCIALLY  AVAILABLE,  MASS-PRODUCED
 VESSEL ORIGINALLY EQUIPPED BY THE MANUFACTURER WITH AN ON BOARD ELECTRIC
 PROPULSION  SYSTEM  OR  A VESSEL RETROFITTED WITH AN ELECTRIC PROPULSION
 SYSTEM, PROVIDED THE VEHICLE OWNER CAN PROVIDE SUPPORTING  DOCUMENTATION
 OF  SUCH  RETROFIT.  "ELECTRIC  VESSEL" INCLUDES: (I) AN ELECTRIC VESSEL
 THAT HAS A BATTERY THAT IS RECHARGED BY  CONNECTING  THE  VESSEL  TO  AN
 S. 9503                             3
 
 EXTERNAL  POWER  SOURCE;  AND (II) A PLUG-IN HYBRID ELECTRIC VESSEL THAT
 HAS A BATTERY THAT BE CAN BE RECHARGED BY CONNECTING THE  VESSEL  TO  AN
 EXTERNAL  POWER  SOURCE  OR BY AN ONBOARD INTERNAL-COMBUSTION ENGINE AND
 GENERATOR.
   (3)  "ZERO  EMISSION  VESSEL"  MEANS  A  VESSEL  POWERED BY MEANS OF A
 BATTERY OR FUEL CELL OR A COMBINATION  THEREOF,  OR  ANOTHER  SOURCE  OF
 POWER,  THAT  PRODUCES  ZERO  EXHAUST  EMISSIONS  OF ANY GREENHOUSE GAS,
 CRITERIA POLLUTANT OR PRECURSOR POLLUTANT UNDER  ANY  AND  ALL  POSSIBLE
 OPERATIONAL MODES AND CONDITIONS.
   (4)  "QUALIFYING  VESSEL"  MEANS  AN  ELECTRIC VESSEL OR ZERO EMISSION
 VESSEL AS DESIGNATED BY  THE  DEPARTMENT  OR  A  VESSEL  THAT  HAS  BEEN
 CONVERTED  TO  AN ELECTRIC VESSEL OR ZERO EMISSION VESSEL AS PROVIDED IN
 SUBDIVISION (D) OF THIS SECTION.
   (D) QUALIFYING VESSELS. (1) THE DEPARTMENT, IN CONSULTATION  WITH  THE
 DEPARTMENT  OF ENVIRONMENTAL CONSERVATION, SHALL COMPILE A LIST OF ELEC-
 TRIC VESSELS AND ZERO EMISSION VESSELS THAT QUALIFY FOR AN ELECTRIC  AND
 ZERO EMISSION VESSEL TAX CREDIT.
   (2)  THE  DEPARTMENT,  IN CONSULTATION WITH THE DEPARTMENT OF ENVIRON-
 MENTAL CONSERVATION, SHALL DEVELOP GUIDELINES FOR THE  CONVERSION  OF  A
 VESSEL  TO  A QUALIFYING VESSEL AND SHALL DEVELOP AN APPLICATION PROCESS
 TO CERTIFY THE EXPENSES NECESSARY FOR THE CONVERSION.  A  TAXPAYER  WILL
 NOT  BE  ELIGIBLE TO CLAIM THE CREDIT UNLESS HE OR SHE HAS COMPLETED THE
 APPLICATION PROCESS AND THE APPLICATION HAS BEEN APPROVED BY THE DEPART-
 MENT.
   (E) INFORMATION SHARING. THE DEPARTMENT AND THE DEPARTMENT OF ENVIRON-
 MENTAL CONSERVATION SHALL BE ALLOWED  AND  ARE  DIRECTED  TO  SHARE  AND
 EXCHANGE  INFORMATION  REGARDING THE INFORMATION CONTAINED ON THE CREDIT
 APPLICATION FOR CLAIMING THE ELECTRIC AND ZERO EMISSION VESSEL TAX CRED-
 IT AND SUCH INFORMATION EXCHANGED BETWEEN THE DEPARTMENT AND THE DEPART-
 MENT OF ENVIRONMENTAL CONSERVATION SHALL NOT BE SUBJECT TO DISCLOSURE OR
 INSPECTION UNDER THE STATE'S FREEDOM OF INFORMATION LAW.
   (F) CROSS REFERENCES. FOR APPLICATION OF THE CREDIT  PROVIDED  FOR  IN
 THIS SECTION, SEE THE FOLLOWING PROVISIONS OF THIS CHAPTER:
   (1) ARTICLE 9-A: SECTION 210-B, SUBDIVISION 59; AND
   (2) ARTICLE 22: SECTION 606, SUBSECTION (OOO).
   §  2. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 59 to read as follows:
   59. ELECTRIC AND ZERO EMISSION VESSEL TAX  CREDIT.  (A)  ALLOWANCE  OF
 CREDIT.  A TAXPAYER WILL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED
 IN SECTION FORTY-EIGHT OF THIS CHAPTER, AGAINST  THE  TAXES  IMPOSED  BY
 THIS ARTICLE.
   (B)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 FOR THE TAXABLE YEAR WILL NOT REDUCE THE TAX DUE FOR SUCH YEAR  TO  LESS
 THAN  THE  AMOUNT  PRESCRIBED  IN  PARAGRAPH  (D)  OF SUBDIVISION ONE OF
 SECTION TWO HUNDRED TEN OF THIS ARTICLE. HOWEVER, IF THE AMOUNT OF CRED-
 IT ALLOWED UNDER THIS SUBDIVISION FOR THE TAXABLE YEAR REDUCES  THE  TAX
 TO  SUCH AMOUNT OR IF THE TAXPAYER OTHERWISE PAYS TAX BASED ON THE FIXED
 DOLLAR MINIMUM AMOUNT, ANY AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXA-
 BLE YEAR WILL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE  CREDITED  OR
 REFUNDED  IN  ACCORDANCE  WITH  THE  PROVISIONS  OF SECTION ONE THOUSAND
 EIGHTY-SIX OF THIS  CHAPTER.    PROVIDED,  HOWEVER,  THE  PROVISIONS  OF
 SUBSECTION  (C)  OF  SECTION  ONE  THOUSAND EIGHTY-EIGHT OF THIS CHAPTER
 NOTWITHSTANDING, NO INTEREST WILL BE PAID THEREON.
   § 3. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
 of  the  tax  law  is  amended  by  adding a new clause (xlx) to read as
 follows:
 S. 9503                             4

 (XLX) ELECTRIC AND ZERO              AMOUNT OF CREDIT UNDER
 EMISSION VESSEL TAX CREDIT           SUBDIVISION FIFTY-NINE OF
 UNDER SUBSECTION (OOO)               SECTION TWO HUNDRED TEN-B
   §  4. Section 606 of the tax law is amended by adding a new subsection
 (ooo) to read as follows:
   (OOO) ELECTRIC AND ZERO EMISSION VESSEL TAX CREDIT. (1)  ALLOWANCE  OF
 CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED
 IN  SECTION FORTY-EIGHT OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS
 ARTICLE.
   (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
 THIS SUBSECTION FOR THE TAXABLE YEAR EXCEEDS THE TAXPAYER'S TAX FOR SUCH
 YEAR, THE EXCESS WILL 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 WILL  BE
 PAID THEREON.
   §  5.  Subdivision  3  of  section  187-b of the tax law is amended by
 adding a new paragraph (c) to read as follows:
   (C) THE TERM "VEHICLE" INCLUDES A VESSEL AS DEFINED IN SECTION  FORTY-
 EIGHT OF THIS CHAPTER.
   §  6.  Paragraph (c) of subdivision 30 of section 210-B of the tax law
 is amended by adding a new subparagraph (iii) to read as follows:
   (III) THE TERM "VEHICLE" INCLUDES  A  VESSEL  AS  DEFINED  IN  SECTION
 FORTY-EIGHT OF THIS CHAPTER.
   §  7.  Paragraph  3 of subsection (p) of section 606 of the tax law is
 amended by adding a new subparagraph (c) to read as follows:
   (C) THE TERM "VEHICLE" INCLUDES A VESSEL AS DEFINED IN SECTION  FORTY-
 EIGHT OF THIS CHAPTER.
   § 8. Severability. If any provision of this act, or any application of
 any  provision of this act, is held to be invalid, that shall not affect
 the validity or effectiveness of any other provision of this act, or  of
 any  other  application of any provision of this act, which can be given
 effect without that provision or  application;  and  to  that  end,  the
 provisions and applications of this act are severable.
   § 9. This act shall take effect immediately and shall apply to taxable
 years beginning on or after January 1, 2023.

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