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AB9552 Text:

                STATE OF NEW YORK
                   IN ASSEMBLY
                                     March 16, 2016
        Introduced  by  M. of A. STIRPE, BARCLAY, OAKS -- read once and referred
          to the Committee on Ways and Means
        AN ACT to amend the tax law, in relation to establishing a  zero  carbon
          emission tax credit
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 210-B of the tax law is amended  by  adding  a  new
     2  subdivision 51 to read as follows:
     3     51.  Zero carbon emission tax credit. (a) A taxpayer shall be allowed
     4  a credit against the tax imposed by  this  article  provided  that  such
     5  taxpayer  conducts business in a county with a population of one hundred
     6  twenty-two thousand one hundred  nine  according  to  the  2010  federal
     7  census,  and  has a nameplate capacity of eight hundred eighty-two mega-
     8  watts.
     9    (b) For purposes of this subdivision, the following definitions  shall
    10  apply;
    11    (i) "nameplate capacity" shall mean the number registered with author-
    12  ities  for classifying the power output of a power station in accordance
    13  with New York Independent System Operator.
    14    (ii) "megawatt" shall mean  the  measurement  used  to  determine  the
    15  output of a power plant.
    16    (iii) "refuel" shall mean the biennial process in which nuclear plants
    17  replace fuel and conduct other necessary maintenance and repairs.
    18    (c)  The  amount of the credit shall be equal to sixty million dollars
    19  annually.
    20    (d) If the amount of credit allowed under  this  subdivision  for  any
    21  taxable  year  shall exceed the taxpayer's tax for such year, the excess
    22  shall be treated as an overpayment of tax to be credited or refunded  in
    23  accordance  with  the  provisions  of section one thousand eighty-six of
    24  this chapter, provided, however, that no interest shall be paid on  such
    25  refund,  notwithstanding the provisions of subsection (c) of section one
    26  thousand eighty-eight of this chapter.
    27    (e) A taxpayer benefitting from the credit shall be required to refuel
    28  the facility in two thousand sixteen and in two  thousand  eighteen  and
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 9552                             2
     1  shall be required to continue operating as an electric generating facil-
     2  ity  until  two  thousand  twenty.  If the taxpayer does not comply with
     3  these requirements, the taxpayer shall be required to add back the cred-
     4  it  as  tax  in  the current taxable year the full amount of zero carbon
     5  emission tax credit claimed.
     6    § 2. This act shall take effect immediately and shall apply to taxable
     7  year 2015.
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