Bill Text: NY A07928 | 2011-2012 | General Assembly | Introduced

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Bill Title: Establishes a residential fuel oil storage tank credit for the removal or permanent closure and installation of below or above ground fuel oil tank used to provide heating fuel for single to four family residence.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Introduced - Dead) 2012-01-04 - referred to ways and means [A07928 Detail]

Download: New_York-2011-A07928-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7928
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 24, 2011
                                      ___________
       Introduced  by M. of A. SALADINO, BURLING -- Multi-Sponsored by -- M. of
         A. McDONOUGH, 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  against  personal  income  taxes;  and
         providing for the repeal of such provisions upon expiration thereof
         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 CREDIT SHALL BE EQUAL TO THE COSTS
   10  OF  REMOVAL OR PERMANENT CLOSURE OF AN EXISTING UNPROTECTED BELOW-GROUND
   11  OR ABOVE-GROUND RESIDENTIAL FUEL OIL TANK AND THE PURCHASE AND INSTALLA-
   12  TION COSTS OF A NEW BELOW-GROUND OR ABOVE-GROUND  RESIDENTIAL  FUEL  OIL
   13  STORAGE  TANK  WHICH IS INSTALLED DURING THE TAXABLE YEAR WHERE SUCH NEW
   14  TANK IS USED IN PLACE OF SUCH FORMERLY USED UNPROTECTED BELOW-GROUND  OR
   15  ABOVE-GROUND  RESIDENTIAL FUEL OIL TANK WHICH WAS REMOVED OR PERMANENTLY
   16  CLOSED DURING THE TAXABLE YEAR  OR  THE  IMMEDIATELY  PRECEDING  TAXABLE
   17  YEAR, NOT TO EXCEED FIVE HUNDRED DOLLARS.
   18    (3) LIMITATIONS. A CREDIT ALLOWED UNDER THIS SUBSECTION MAY BE ALLOWED
   19  ONLY ONCE WITH RESPECT TO A PARTICULAR RESIDENCE.
   20    (4)  CARRYOVER.  IF  THE  AMOUNT  OF  THE  CREDIT ALLOWABLE UNDER THIS
   21  SUBSECTION EXCEEDS THE TAXPAYER'S TAX FOR ANY TAXABLE YEAR,  THE  EXCESS
   22  MAY  BE  CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED
   23  FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09034-01-1
       A. 7928                             2
    1    S 2. This act shall take effect April 1, 2011 and shall expire and  be
    2  deemed repealed January 1, 2016; provided that the amendments to section
    3  606  of the tax law made by section one of this act shall apply to taxa-
    4  ble years 2011, 2012, 2013, 2014 and 2015  and  only  for  any  existing
    5  residential fuel oil tanks removed or closed after March 31, 2011.