Bill Text: NY A01523 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides a tax credit for dyed diesel fuel storage facilities in an amount of fifteen percent, up to $2,500, of the cost of such facilities.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-06-19 - held for consideration in ways and means [A01523 Detail]

Download: New_York-2011-A01523-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1523
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 10, 2011
                                      ___________
       Introduced  by M. of A. TEDISCO -- read once and referred to the Commit-
         tee on Ways and Means
       AN ACT to amend the tax law, in relation to providing a tax  credit  for
         dyed diesel fuel storage 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-q  to
    2  read as follows:
    3    S  187-Q. DYED DIESEL MOTOR FUEL STORAGE PROPERTY CREDIT. 1.  GENERAL.
    4  A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE  CREDITED  AGAINST  THE  TAX
    5  IMPOSED UNDER SECTIONS ONE HUNDRED EIGHTY-THREE, ONE HUNDRED EIGHTY-FOUR
    6  AND  ONE  HUNDRED  EIGHTY-FIVE,  OF  THIS  ARTICLE.  SUCH  CREDIT, TO BE
    7  COMPUTED AS PROVIDED IN THIS SECTION, SHALL  BE  ALLOWED  FOR  QUALIFIED
    8  DYED  DIESEL  MOTOR  FUEL  STORAGE PROPERTY PLACED IN SERVICE DURING THE
    9  TAXABLE YEAR.
   10    2. APPLICATION OF CREDIT. THE CREDIT UNDER THIS SECTION FOR  QUALIFIED
   11  DYED  DIESEL  MOTOR FUEL STORAGE PROPERTY SHALL EQUAL FIFTEEN PERCENT OF
   12  THE COST OF ANY SUCH PROPERTY WHICH IS LOCATED IN THIS STATE. THE  TOTAL
   13  AMOUNT  OF  CREDIT FOR QUALIFIED DYED DIESEL MOTOR FUEL STORAGE PROPERTY
   14  ALLOWABLE TO A TAXPAYER UNDER THIS  SUBDIVISION  FOR  ANY  TAXABLE  YEAR
   15  SHALL NOT EXCEED TWENTY-FIVE HUNDRED DOLLARS.
   16    3.  DEFINITIONS.  (A)  THE  TERM "DYED DIESEL MOTOR FUEL" MEANS DIESEL
   17  MOTOR FUEL WHICH IS ENHANCED DIESEL MOTOR FUEL AND WHICH HAS  BEEN  DYED
   18  IN  ACCORDANCE WITH AND FOR THE PURPOSE OF COMPLYING WITH THE PROVISIONS
   19  OF 26 USC S4082(A) AND THE REGULATIONS THEREUNDER,  AS  MAY  BE  AMENDED
   20  FROM TIME TO TIME.
   21    (B) THE TERM "QUALIFIED DYED DIESEL MOTOR FUEL STORAGE PROPERTY" MEANS
   22  TANKAGE AND ASSOCIATED PIPING DESIGNATED EXCLUSIVELY FOR STORAGE OF DYED
   23  DIESEL  MOTOR  FUEL. A QUALIFIED DYED DIESEL MOTOR FUEL STORAGE PROPERTY
   24  SHALL NOT INCLUDE ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY WITHIN THE
   25  MEANING OF SECTION ONE HUNDRED EIGHTY-SEVEN-B OF THIS ARTICLE.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01972-01-1
       A. 1523                             2
    1    (C) THE TERM "TANKAGE AND ASSOCIATED PIPING DESIGNATED EXCLUSIVELY FOR
    2  THE STORAGE OF  DYED  DIESEL  MOTOR  FUEL"  SHALL  INCLUDE  PURCHASE  OR
    3  CONSTRUCTION  OF  TANKAGE AND ASSOCIATED PIPING (INCLUDING EQUIPMENT AND
    4  LABOR ASSOCIATED WITH INSTALLATION OF TANKAGE), TANK NOZZLES,  IMMERSION
    5  HEATERS,  INSULATION,  STEAM  GENERATORS OR TANK HEATING EQUIPMENT, TANK
    6  STOCK MIXING EQUIPMENT, ELECTRICAL PANELS AND CONTROLS  AND  OTHER  SUCH
    7  EQUIPMENT  ONLY  SERVING THE DYED DIESEL MOTOR FUEL STORAGE TANK, PIPING
    8  DIRECTLY CONNECTED TO THE STORAGE TANK EXCLUSIVELY FOR DYED DIESEL MOTOR
    9  FUEL, FIRE SUPPRESSION OR OTHER  CODE  REQUIRED  SAFETY  EQUIPMENT,  AND
   10  TEMPERATURE CONTROL EQUIPMENT USED EXCLUSIVELY FOR THE DYED DIESEL MOTOR
   11  FUEL STORAGE TANK.
   12    4.  APPLICATION  OF  CREDIT.  IN  NO EVENT SHALL THE CREDIT UNDER THIS
   13  SECTION BE ALLOWED IN AN AMOUNT WHICH WILL REDUCE  THE  TAX  PAYABLE  TO
   14  LESS THAN THE APPLICABLE MINIMUM TAX FIXED BY SECTION ONE HUNDRED EIGHT-
   15  Y-THREE  OR  ONE  HUNDRED  EIGHTY-FIVE OF THIS ARTICLE. IF, HOWEVER, THE
   16  AMOUNT OF CREDIT ALLOWABLE UNDER  THIS  SECTION  FOR  ANY  TAXABLE  YEAR
   17  REDUCES  THE  TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT NOT DEDUCTIBLE IN
   18  SUCH TAXABLE YEAR SHALL BE TREATED  AS  AN  OVERPAYMENT  OF  TAX  TO  BE
   19  REFUNDED  IN  ACCORDANCE  WITH  THE  PROVISIONS  OF SECTION ONE THOUSAND
   20  EIGHTY-SIX  OF  THIS  CHAPTER.  PROVIDED,  HOWEVER,  THE  PROVISIONS  OF
   21  SUBSECTION  (C)  OF  SECTION  ONE  THOUSAND EIGHTY-EIGHT OF THIS CHAPTER
   22  NOTWITHSTANDING, NO INTEREST SHALL BE PAID THEREIN.
   23    S 2. Section 210 of the tax law is amended by adding a new subdivision
   24  43 to read as follows:
   25    43. QUALIFIED DYED DIESEL MOTOR FUEL STORAGE  PROPERTY  CREDIT.    (A)
   26  GENERAL.  A  TAXPAYER  SHALL  BE  ALLOWED  A  CREDIT,  TO BE COMPUTED AS
   27  PROVIDED IN THIS SECTION, AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR  A
   28  QUALIFIED  DYED  DIESEL  MOTOR  FUEL  STORAGE PROPERTY PLACED IN SERVICE
   29  DURING THE TAXABLE YEAR. THIS CREDIT SHALL EQUAL FIFTEEN PERCENT OF  THE
   30  COST  OF  ANY  SUCH  PROPERTY  WHICH IS LOCATED IN THIS STATE. THE TOTAL
   31  AMOUNT OF CREDIT FOR QUALIFIED DYED DIESEL MOTOR FUEL  STORAGE  PROPERTY
   32  ALLOWABLE  TO A TAXPAYER UNDER THIS PARAGRAPH FOR ANY TAXABLE YEAR SHALL
   33  NOT EXCEED TWENTY-FIVE HUNDRED DOLLARS.
   34    (B) DEFINITIONS. (I) THE TERM "DYED DIESEL MOTOR  FUEL"  MEANS  DIESEL
   35  MOTOR  FUEL  WHICH IS ENHANCED DIESEL MOTOR FUEL AND WHICH HAS BEEN DYED
   36  IN ACCORDANCE WITH AND FOR THE PURPOSE OF COMPLYING WITH THE  PROVISIONS
   37  OF  26  USC  S 4082(A) AND THE REGULATIONS THEREUNDER, AS MAY BE AMENDED
   38  FROM TIME TO TIME.
   39    (II) THE TERM "QUALIFIED DYED  DIESEL  MOTOR  FUEL  STORAGE  PROPERTY"
   40  MEANS  TANKAGE  AND ASSOCIATED PIPING DESIGNATED EXCLUSIVELY FOR STORAGE
   41  OF DYED DIESEL MOTOR FUEL. A QUALIFIED DYED DIESEL  MOTOR  FUEL  STORAGE
   42  PROPERTY  SHALL  NOT INCLUDE ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY
   43  WITHIN THE MEANING OF SUBDIVISION TWENTY-FOUR OF THIS SECTION.
   44    (III) THE TERM TANKAGE AND ASSOCIATED  PIPING  DESIGNATED  EXCLUSIVELY
   45  FOR  THE  STORAGE  OF  DYED  DIESEL MOTOR FUEL SHALL INCLUDE PURCHASE OR
   46  CONSTRUCTION OF TANKAGE AND ASSOCIATED PIPING (INCLUDING  EQUIPMENT  AND
   47  LABOR  ASSOCIATED WITH INSTALLATION OF TANKAGE), TANK NOZZLES, IMMERSION
   48  HEATERS, INSULATION, STEAM GENERATORS OR TANK  HEATING  EQUIPMENT,  TANK
   49  STOCK  MIXING  EQUIPMENT,  ELECTRICAL PANELS AND CONTROLS AND OTHER SUCH
   50  EQUIPMENT ONLY SERVICING THE DYED DIESEL MOTOR FUEL STORAGE TANK, PIPING
   51  DIRECTLY CONNECTED TO THE STORAGE TANK EXCLUSIVELY FOR DYED DIESEL MOTOR
   52  FUEL, FIRE SUPPRESSION OR OTHER  CODE  REQUIRED  SAFETY  EQUIPMENT,  AND
   53  TEMPERATURE CONTROL EQUIPMENT USED EXCLUSIVELY FOR THE DYED DIESEL MOTOR
   54  FUEL  STORAGE  TANK  FOR  FIRE SUPPRESSION OR OTHER CODE REQUIRED SAFETY
   55  EQUIPMENT AND TEMPERATURE CONTROL EQUIPMENT  USED  EXCLUSIVELY  FOR  THE
   56  DYED DIESEL MOTOR FUEL STORAGE TANK.
       A. 1523                             3
    1    (C)  APPLICATION  OF  CREDIT.  IN NO EVENT SHALL THE CREDIT UNDER THIS
    2  SUBDIVISION BE ALLOWED IN AN AMOUNT WHICH WILL REDUCE THE TAX PAYABLE TO
    3  LESS THAN THE HIGHER OF THE AMOUNTS PRESCRIBED IN PARAGRAPHS (C) AND (D)
    4  OF SUBDIVISION ONE OF THIS SECTION. HOWEVER, IF  THE  AMOUNT  OF  CREDIT
    5  ALLOWABLE UNDER THIS SUBDIVISION FOR ANY TAXABLE YEAR REDUCES THE TAX TO
    6  SUCH  AMOUNT,  ANY  AMOUNT OF CREDIT NOT DEDUCTIBLE IN SUCH TAXABLE YEAR
    7  SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED  IN
    8  ACCORDANCE  WITH  THE  PROVISIONS  OF SECTION ONE THOUSAND EIGHTY-SIX OF
    9  THIS CHAPTER. PROVIDED, HOWEVER, THE PROVISIONS  OF  SUBSECTION  (C)  OF
   10  SECTION  ONE  THOUSAND  EIGHTY-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO
   11  INTEREST SHALL BE PAID THEREON.
   12    S 3. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
   13  of  the  tax  law  is  amended by adding a new clause (xxxii) to read as
   14  follows:
   15  (XXXII) QUALIFIED DYED DIESEL        CREDIT UNDER SUBDIVISION
   16  MOTOR FUEL STORAGE                   FORTY-THREE OF SECTION
   17  PROPERTY CREDIT UNDER                TWO HUNDRED TEN
   18  SUBSECTION (SS)
   19    S 4. Section 606 of the tax law is amended by adding a new  subsection
   20  (ss) to read as follows:
   21    (SS)  QUALIFIED DYED DIESEL MOTOR FUEL STORAGE PROPERTY CREDIT.  (1) A
   22  TAXPAYER SHALL BE ALLOWED A CREDIT, OR A PRO RATA SHARE IN THE CASE OF A
   23  PARTNERSHIP, TO BE COMPUTED AS HEREINAFTER  PROVIDED,  AGAINST  THE  TAX
   24  IMPOSED  BY  THIS ARTICLE FOR A QUALIFIED DYED DIESEL MOTOR FUEL STORAGE
   25  PROPERTY PLACED IN SERVICE DURING THE TAXABLE  YEAR.  THE  CREDIT  UNDER
   26  THIS  SUBSECTION  FOR  QUALIFIED DYED DIESEL MOTOR FUEL STORAGE PROPERTY
   27  SHALL EQUAL TWENTY-FIVE PERCENT OF THE COST OF ANY SUCH  PROPERTY  WHICH
   28  IS  LOCATED IN THIS STATE. THE TOTAL AMOUNT OF CREDIT FOR QUALIFIED DYED
   29  DIESEL MOTOR FUEL STORAGE PROPERTY ALLOWABLE TO  A  TAXPAYER,  INCLUDING
   30  THE  TOTAL  AMOUNT  OF  QUALIFYING  CREDIT FOR ANY ENTITY WITH WHICH THE
   31  TAXPAYER MAY BE AFFILIATED, UNDER THIS SUBDIVISION FOR ANY TAXABLE  YEAR
   32  SHALL NOT EXCEED FIVE HUNDRED THOUSAND DOLLARS.
   33    (2)  DEFINITIONS.  (A)  THE TERM "DYED DIESEL MOTOR FUEL" MEANS DIESEL
   34  MOTOR FUEL WHICH IS ENHANCED DIESEL MOTOR FUEL AND WHICH HAS  BEEN  DYED
   35  IN  ACCORDANCE WITH AND FOR THE PURPOSE OF COMPLYING WITH THE PROVISIONS
   36  OF 26 USC S 4082(A) AND THE REGULATIONS THEREUNDER, AS  MAY  BE  AMENDED
   37  FROM TIME TO TIME.
   38    (B) THE TERM "QUALIFIED DYED DIESEL MOTOR FUEL STORAGE PROPERTY" MEANS
   39  TANKAGE AND ASSOCIATED PIPING DESIGNATED EXCLUSIVELY FOR STORAGE OF DYED
   40  DIESEL  MOTOR  FUEL. A QUALIFIED DYED DIESEL MOTOR FUEL STORAGE PROPERTY
   41  SHALL NOT INCLUDE ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY WITHIN THE
   42  MEANING OF SUBSECTION (P) OF THIS SECTION.
   43    (C) THE TERM TANKAGE AND ASSOCIATED PIPING DESIGNATED EXCLUSIVELY  FOR
   44  THE  STORAGE  OF  DYED  DIESEL  MOTOR FUEL SHALL INCLUDE CONSTRUCTION OF
   45  TANKAGE AND ASSOCIATED PIPING (INCLUDING EQUIPMENT AND LABOR  ASSOCIATED
   46  WITH  INSTALLATION  OF  TANKAGE), TANK NOZZLES, IMMERSION HEATERS, INSU-
   47  LATION, STEAM GENERATORS OR TANK HEATING EQUIPMENT,  TANK  STOCK  MIXING
   48  EQUIPMENT,  ELECTRICAL PANELS AND CONTROLS AND OTHER SUCH EQUIPMENT ONLY
   49  SERVICING THE STORAGE TANK, PIPING DIRECTLY  CONNECTED  TO  THE  STORAGE
   50  TANK  EXCLUSIVELY  FOR DYED DIESEL MOTOR FUEL, FIRE SUPPRESSION OR OTHER
   51  CODE REQUIRED SAFETY EQUIPMENT AND TEMPERATURE  CONTROL  EQUIPMENT  USED
   52  EXCLUSIVELY FOR SUCH STORAGE TANK.
   53    (3)  APPLICATION  OF  CREDIT.  IF THE AMOUNT OF CREDIT ALLOWABLE UNDER
   54  THIS SUBSECTION SHALL EXCEED THE  TAXPAYER'S  TAX  FOR  SUCH  YEAR,  THE
   55  EXCESS  SHALL  BE  TREATED  AS  AN  OVERPAYMENT OF TAX TO BE CREDITED OR
       A. 1523                             4
    1  REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHT-
    2  Y-SIX OF THIS CHAPTER, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID
    3  THEREON.
    4    S 5. This act shall take effect immediately.