STATE OF NEW YORK
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S. 4734 A. 6803
2013-2014 Regular Sessions
SENATE - ASSEMBLY
April 19, 2013
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IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Investi-
gations and Government Operations
IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred
to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a residential
fuel oil storage tank credit
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 (p-1) to read as follows:
3 (p-1) Residential fuel oil storage tank credit. (1) Allowance of cred-
4 it. A taxpayer shall be allowed a credit, to be computed as hereinafter
5 provided, against the tax imposed by this article for the removal or
6 permanent closure and installation of a below-ground or above-ground
7 residential fuel oil storage tank used to provide heating fuel for
8 single to four-family residences located in this state.
9 (2) Amount of credit. The amount of the credit shall be equal to the
10 costs of removal or permanent closure of an existing below-ground or
11 above-ground residential fuel oil tank and the purchase and installation
12 costs of a new below-ground or above-ground residential fuel oil storage
13 tank which is installed during the taxable year where such new tank is
14 used in place of such formerly used below-ground or above-ground resi-
15 dential fuel oil tank which was removed or permanently closed during the
16 taxable year, not to exceed five hundred dollars.
17 (3) Limitation. A credit allowed under this subsection may be allowed
18 only once with respect to a particular residence.
19 (4) Carryover. If the amount of the credit allowable under this
20 subsection exceeds the taxpayer's tax for any taxable year, the excess
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10324-02-3
S. 4734 2 A. 6803
1 may be carried over to the following year or years and may be deducted
2 from the taxpayer's tax for such year or years.
3 § 2. This act shall take effect on the first of January next succeed-
4 ing the date on which it shall have become a law and shall apply to
5 taxable years beginning after such date.
