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S06039 Summary:

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S06039 Floor Votes:

S06039 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6039
 
                    IN SENATE
 
                                       (Prefiled)
 
                                     January 4, 2012
                                       ___________
 
        Introduced  by  Sen. MAZIARZ -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment Operations
 
        AN ACT to amend the tax law, in  relation  to  the  clean  heating  fuel
          personal  income  tax  credit;  and to amend chapter 35 of the laws of

          2006 amending the tax law relating to a clean heating fuel credit,  in
          relation  to  extending the applicability of such credit until January
          1, 2017
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Paragraph  1 of subsection (mm) of section 606 of the tax
     2  law, as amended by section 2 of part AAA-1 of chapter 57 of the laws  of
     3  2008, is amended to read as follows:
     4    (1)  A  taxpayer  shall be allowed a credit against the tax imposed by
     5  this article. Such credit, to be computed as hereinafter provided, shall
     6  be allowed for bioheat, used for space heating or hot  water  production
     7  for  residential  purposes  within  this state and purchased on or after
     8  July first, two thousand six and before July first, two  thousand  seven

     9  and  on  or  after  January first, two thousand eight and before January
    10  first, two thousand [twelve] seventeen.  Such credit shall be $0.01  per
    11  percent  of  biodiesel per gallon of bioheat, not to exceed twenty cents
    12  per gallon, purchased by such taxpayer.
    13    § 2. Section 4 of part D of chapter 35 of the laws  of  2006  amending
    14  the  tax  law  relating  to  a  clean heating fuel credit, as amended by
    15  section 3 of part AAA-1 of chapter 57 of the laws of 2008, is amended to
    16  read as follows:
    17    § 4. This act shall take effect immediately and shall apply to taxable
    18  years beginning after December 31, 2005 and  before  January  1,  [2012]
    19  2017;  provided,  however  that  the  IMB  credit for energy taxes under
    20  subsection (t-1) and the state film production credit  under  subsection

    21  (gg)  and the empire state commercial production credit under subsection
    22  (jj) of section 606 of the tax law contained in section  three  of  this
    23  act  shall  expire  on  the  same date as provided in subdivision (a) of
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13434-01-1
        S. 6039                             2
 
     1  section 49 of part Y of chapter 63 of the laws of 2000, as  amended  and
     2  section  9  of part P of chapter 60 of the laws of 2004, as amended, and
     3  section 10 of part V of a chapter of the laws of 2006 amending  the  tax
     4  law  relating  to the empire state commercial production tax credit, [as

     5  proposed in legislative bill numbers S.6460-C and A.9560-B,] as  amended
     6  respectively.
     7    § 3. This act shall take effect immediately.