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S01699 Summary:

BILL NOS01699
 
SAME ASSAME AS A00497
 
SPONSORGALLIVAN
 
COSPNSR
 
MLTSPNSR
 
Amd 606, Tax L
 
Relates to providing a tax credit for densified biomass fuel expenditures; defines "qualified densified biomass fuel expenditures" and "densified biomass fuel".
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S01699 Actions:

BILL NOS01699
 
01/14/2021REFERRED TO BUDGET AND REVENUE
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S01699 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1699
 
                               2021-2022 Regular Sessions
 
                    IN SENATE
 
                                    January 14, 2021
                                       ___________
 
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Budget and Revenue
 
        AN ACT to amend the tax law, in relation to providing a tax credit for a
          portion of the cost of qualified densified biomass fuel  expenditures;
          and providing for the repeal of such provisions upon expiration there-
          of
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (kkk) to read as follows:
     3    (kkk)  Credit  for qualified densified biomass fuel expenditures.  (1)
     4  Any resident owner of real property as defined in  section  one  hundred
     5  two  of  the real property tax law shall be allowed a credit against the
     6  tax imposed under this article in an amount equal to thirty  percent  of
     7  qualified densified biomass fuel expenditures.
     8    (2)  For  purposes of this subsection, the following definitions shall
     9  apply:
    10    (a) "Qualified densified biomass fuel expenditures" shall mean expend-
    11  itures for the cost of  densified  biomass  fuel,  manufactured  in  the
    12  United  States  of  America, and used to heat a dwelling unit located in
    13  the state and used as a residence by the taxpayer, or to heat water  for
    14  use in such a dwelling unit.
    15    (b)  "Densified  biomass  fuel" shall mean a solid fuel derived by the
    16  mechanical densification and refining of biomass sourced from  woody  or
    17  agricultural feedstocks. Such term shall include wood pellets.
    18    (3)  If the amount of the credit allowed under this subsection for any
    19  taxable year shall exceed the taxpayer's tax for such year,  the  excess
    20  shall  be treated as an overpayment of tax to be credited or refunded in
    21  accordance with the provisions of section six hundred eighty-six of this
    22  article, provided, however, that no interest shall be paid thereon.
    23    § 2. This act shall take effect immediately and shall  expire  and  be
    24  deemed repealed five years after such effective date.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04169-01-1
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