Bill Text: NY A09083 | 2021-2022 | General Assembly | Introduced

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Bill Title: Provides a tax credit for costs associated with the removal or permanent closure of a below-ground residential fuel oil storage tank used to provide heating fuel for single- to four-family residences.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-31 - referred to ways and means [A09083 Detail]

Download: New_York-2021-A09083-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9083

                   IN ASSEMBLY

                                    January 31, 2022
                                       ___________

        Introduced by M. of A. LAVINE -- 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; and providing for  the  repeal  of  such
          provisions upon the 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 for the removal or permanent
     5  closure of a below-ground residential fuel  oil  storage  tank  used  to
     6  provide  heating  fuel  for single- to four-family residences located in
     7  New York.
     8    (2) Amount of credit. The amount of the credit is equal to the sum of:
     9    (A) the costs of removal of an existing below-ground residential  fuel
    10  oil tank, not to exceed five hundred dollars; or
    11    (B) the costs of permanently closing an existing below-ground residen-
    12  tial fuel oil tank, not to exceed five hundred dollars.
    13    (3)  Limitation. A credit allowed under this subsection may be allowed
    14  only once with respect to a particular residence.
    15    (4) Carryover. If the  amount  of  the  credit  allowable  under  this
    16  subsection  exceeds  the taxpayer's tax for any taxable year, the excess
    17  may be carried over to the following year or years and may  be  deducted
    18  from the taxpayer's tax for such year or years.
    19    §  2.  This  act shall take effect immediately and shall expire and be
    20  deemed repealed 5 years after such effective date.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14397-03-2