S T A T E O F N E W Y O R K
________________________________________________________________________
4756
2023-2024 Regular Sessions
I N A S S E M B L Y
February 23, 2023
___________
Introduced by M. of A. LAVINE -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the tax law, in relation to establishing a residential
fuel oil storage tank credit; and providing for the repeal of such
provisions upon the expiration thereof
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 (p-1) to read as follows:
(P-1) RESIDENTIAL FUEL OIL STORAGE TANK CREDIT. (1) ALLOWANCE OF CRED-
IT. A TAXPAYER SHALL BE ALLOWED A CREDIT FOR THE REMOVAL OR PERMANENT
CLOSURE OF A BELOW-GROUND RESIDENTIAL FUEL OIL STORAGE TANK USED TO
PROVIDE HEATING FUEL FOR SINGLE- TO FOUR-FAMILY RESIDENCES LOCATED IN
NEW YORK.
(2) AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT IS EQUAL TO THE SUM OF:
(A) THE COSTS OF REMOVAL OF AN EXISTING BELOW-GROUND RESIDENTIAL FUEL
OIL TANK, NOT TO EXCEED FIVE HUNDRED DOLLARS; OR
(B) THE COSTS OF PERMANENTLY CLOSING AN EXISTING BELOW-GROUND RESIDEN-
TIAL FUEL OIL TANK, NOT TO EXCEED FIVE HUNDRED DOLLARS.
(3) LIMITATION. A CREDIT ALLOWED UNDER THIS SUBSECTION MAY BE ALLOWED
ONLY ONCE WITH RESPECT TO A PARTICULAR RESIDENCE.
(4) CARRYOVER. IF THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS
SUBSECTION EXCEEDS THE TAXPAYER'S TAX FOR ANY TAXABLE YEAR, THE EXCESS
MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED
FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
§ 2. This act shall take effect immediately and shall expire and be
deemed repealed 5 years after such effective date.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03281-01-3