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This entry was published on 2015-01-09
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Biofuel production credit
* § 28. Biofuel production credit. (a) General. A taxpayer subject to
tax under article nine, nine-A or twenty-two of this chapter shall be
allowed a credit against such tax pursuant to the provisions referenced
in subdivision (d) of this section. The credit (or pro rata share of
earned credit in the case of a partnership) for each gallon of biofuel
produced at a biofuel plant on or after January first, two thousand six
shall equal fifteen cents per gallon after the production of the first
forty thousand gallons per year presented to market. The credit under
this section shall be capped at two and one-half million dollars per
taxpayer per taxable year for up to no more than four consecutive
taxable years per biofuel plant. If the taxpayer is a partner in a
partnership or shareholder of a New York S corporation, then the cap
imposed by the preceding sentence shall be applied at the entity level,
so that the aggregate credit allowed to all the partners or shareholders
of each such entity in the taxable year does not exceed two and one-half
million dollars. The tax credit allowed pursuant to this section shall
apply to taxable years beginning before January first, two thousand

(b) Definitions. For the purpose of this section, the following terms
shall have the following meanings:

(1) "Biofuel" means a fuel which includes biodiesel and ethanol. The
term "biodiesel" shall mean a fuel comprised exclusively of mono-alkyl
esters of long chain fatty acids derived from vegetable oils or animal
fats, designated B100, which meets the specifications of American
Society of Testing and Materials designation D 6751-02. The term
"ethanol" shall mean ethyl alcohol manufactured in the United States and
its territories and sold (i) for fuel use and which has been rendered
unfit for beverage use in a manner and which is produced at a facility
approved by the federal bureau of alcohol, tobacco and firearms for the
production of ethanol for fuel, or (ii) as denatured ethanol used by
blenders and refiners which has been rendered unfit for beverage use.
The term "biofuel" may also include any other standard approved by the
New York state energy and research development authority.

(2) "Biofuel plant" means a commercial facility located in New York
state at which one or more biofuels are produced.

(c) Reporting requirements. A taxpayer wishing to claim a credit under
this section shall annually certify to the commissioner (i) that biofuel
produced at the eligible biofuel plant meets all existing standards for
biofuel and (ii) the amount of biofuel produced at the eligible biofuel
plant during a taxable year.

(d) Cross-references. For application of the credit provided for in
this section, see the following provisions of this chapter:

(1) Article 9: Section 187-c.

(2) Article 9-A: Section 210-B, subdivision 24.

(3) Article 22: Section 606, subsections (i) and (jj).

* NB There are 2 § 28's