Establishes a tax credit for the actual cost of construction, reconstruction or acquisition of certain alternative fuel refueling facilities that are directly attributable to the storage, compression, charging or dispensing of alternative fuels to motor vehicles.
STATE OF NEW YORK
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5620
2009-2010 Regular Sessions
IN ASSEMBLY
February 13, 2009
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Introduced by M. of A. MOLINARO, WALKER, ALFANO, KOLB, BARCLAY, GIGLIO,
HAWLEY, BACALLES, CORWIN, P. LOPEZ -- Multi-Sponsored by -- M. of A.
BALL, BARRA, CROUCH, ERRIGO, FINCH, SPANO, TEDISCO, THIELE, TOWNSEND
-- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a tax credit
for the actual cost of construction, reconstruction or acquisition of
certain alternative fuel refueling facilities
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The tax law is amended by adding a new section 187-o to
2 read as follows:
3 § 187-o. Alternative fuels credit for cost of construction, recon-
4 struction or acquisition of certain alternative fuel refueling facili-
5 ties. 1. General. A tax credit for the actual cost of construction,
6 reconstruction or acquisition of an alternative fuel refueling facility
7 that is directly attributable to the storage, compression, charging or
8 dispensing of alternative fuels to motor vehicles. Such tax credit
9 shall be available for seven years. The income tax credit would be
10 fifty percent for the first three years of the credit; thirty-five
11 percent for the second two years; and twenty percent for the last two
12 years of the credit.
13 2. Calculation. For an alternative fuel refueling facility that shall
14 be accessible for use by persons in addition to the person claiming the
15 credit, the percentages specified shall be multiplied by 1.25. For an
16 alternative fuel refueling facility that dispenses an alternative fuel
17 from a renewable energy source, the credit percentages specified shall
18 be multiplied by 1.25 with certification that at least seventy percent
19 of the alternative fuel dispensed annually is derived from a renewable
20 energy source for a period of ten years. The credit has a maximum value
21 of four hundred thousand dollars in any consecutive five-year period for
22 each refueling facility.
23 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07094-01-9
