Bill Text: NY S05439 | 2017-2018 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to providing a tax credit for the cost of wood pellets; defines "qualified densified biomass fuel expenditures" and "densified biomass fuel".

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S05439 Detail]

Download: New_York-2017-S05439-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         5439--A
                               2017-2018 Regular Sessions
                    IN SENATE
                                     March 28, 2017
                                       ___________
        Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Investigations and Govern-
          ment  Operations  --  committee  discharged,  bill  amended,   ordered
          reprinted as amended and recommitted to said committee
        AN ACT to amend the tax law, in relation to providing a tax credit for a
          portion  of the cost of qualified densified biomass fuel expenditures;
          and providing for the repeal of such provisions upon expiration there-
          of
          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 (ccc) to read as follows:
     3    (ccc) Credit for qualified densified biomass fuel expenditures.    (1)
     4  Any  resident  owner  of real property as defined in section one hundred
     5  two of the real property tax law shall be allowed a credit  against  the
     6  tax  imposed  under this article in an amount equal to thirty percent of
     7  qualified densified biomass fuel expenditures.
     8    (2) For purposes of this subsection, the following  definitions  shall
     9  apply:
    10    (a) "Qualified densified biomass fuel expenditures" shall mean expend-
    11  itures  for  the  cost of densified biomass fuel used to heat a dwelling
    12  unit located in the state and used as a residence by the taxpayer, or to
    13  heat water for use in such a dwelling unit, and where the stove,  boiler
    14  or  furnace used to convert heat energy in the densified biomass fuel to
    15  useful thermal energy has a thermal efficiency rating of at least seven-
    16  ty-five percent as measured by the higher heating value of the fuel.
    17    (b) "Densified biomass fuel" shall mean a solid fuel  derived  by  the
    18  mechanical  densification  and refining of biomass sourced from woody or
    19  agricultural feedstocks. Such term shall include wood pellets.
    20    (3) If the amount of the credit allowed under this subsection for  any
    21  taxable  year  shall exceed the taxpayer's tax for such year, the excess
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09855-02-7
        S. 5439--A                          2
     1  shall be treated as an overpayment of tax to be credited or refunded  in
     2  accordance with the provisions of section six hundred eighty-six of this
     3  article, provided, however, that no interest shall be paid thereon.
     4    §  2.  This  act shall take effect immediately and shall expire and be
     5  deemed repealed five years after such effective date.