STATE OF NEW YORK
________________________________________________________________________
4856
2009-2010 Regular Sessions
IN ASSEMBLY
February 6, 2009
___________
Introduced by M. of A. ALESSI -- read once and referred to the Committee
on Ways and Means
AN ACT to amend the tax law, in relation to providing a tax credit to
farmers who purchase biodiesel fuel for the operation of their farm
equipment
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 210 of the tax law is amended by adding a new
2 subdivision 41 to read as follows:
3 41. Credit for biodiesel fuel used in farming equipment. (a) Allow-
4 ance of credit. A taxpayer that is a business principally engaged in
5 farming, as such term is defined in paragraph nineteen of subdivision
6 (b) of section eleven hundred one of this chapter shall be allowed a
7 credit against the tax imposed by this article for the purchase of
8 biodiesel fuel to be used in farming equipment. Such credit shall be
9 $0.01 per percent of biodiesel per gallon of bioheat, not to exceed
10 twenty cents per gallon, purchased by such taxpayer.
11 (b) For purposes of this subdivision, the term "biodiesel" shall mean
12 a fuel comprised exclusively of monoalkyl esters of long chain fatty
13 acids derived from vegetable oils or animal fats, designated B100, which
14 meets the specifications of American Society of Testing and Materials
15 designation D 6751.
16 (c) Application of credit. If the amount of the credit allowed under
17 this subdivision for any taxable year shall exceed the taxpayer's tax
18 for such year, the excess shall be treated as an overpayment of tax to
19 be credited or refunded in accordance with the provisions of section one
20 thousand eighty-six of this chapter, provided, however, that no interest
21 shall be paid on such refund, notwithstanding the provisions of
22 subsection (c) of section one thousand eighty-eight of this chapter.
23 § 2. Section 606 of the tax law is amended by adding a new subsection
24 (qq) to read as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08086-01-9
A. 4856 2
1 (qq) Credit for biodiesel fuel used in farming equipment. (1) Allow-
2 ance of credit. A taxpayer whose federal gross income from farming for
3 the taxable year is at least two-thirds of excess federal gross income
4 shall be allowed a credit against the tax imposed by this article for
5 the purchase of biodiesel fuel to be used in farming equipment. Such
6 credit shall be $0.01 per percent of biodiesel per gallon of bioheat,
7 not to exceed twenty cents per gallon, purchased by such taxpayer.
8 (2) Application of credit. If the amount of the credit allowed under
9 this subsection for any taxable year shall exceed the taxpayer's tax for
10 such year, the excess shall be treated as an overpayment of tax to be
11 credited or refunded in accordance with the provisions of section six
12 hundred eighty-six of this article, provided, however, that no interest
13 shall be paid thereon.
14 § 3. This act shall take effect immediately.
