Bill Text: NY S00817 | 2011-2012 | General Assembly | Introduced

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Bill Title: Establishes a tax credit for the removal or permanent enclosure of a residential fuel oil storage tank.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-05-22 - REPORTED AND COMMITTED TO FINANCE [S00817 Detail]

Download: New_York-2011-S00817-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 817                                                    A. 513
                              2011-2012 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       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 OR INSTALLATION OF A BELOW-GROUND OR ABOVEGROUND RESI-
    7  DENTIAL FUEL OIL STORAGE TANK USED TO PROVIDE HEATING FUEL FOR SINGLE TO
    8  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 UNPROTECTED  BELOW-
   11  GROUND  OR  ABOVE-GROUND  RESIDENTIAL  FUEL  OIL TANK NOT TO EXCEED FIVE
   12  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    S  2. This act shall take effect on the first of January next succeed-
   20  ing the date on which it shall have become a  law  and  shall  apply  to
   21  taxable years beginning after such date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03756-01-1