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STATE OF NEW YORK ________________________________________________________________________ 9552 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. LBD14664-01-6A. 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.