Bill Text: NY S06477 | 2015-2016 | General Assembly | Amended

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Bill Title: Relates to establishing a zero carbon emission tax credit.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2016-02-22 - PRINT NUMBER 6477A [S06477 Detail]

Download: New_York-2015-S06477-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6477--A
                    IN SENATE
                                    January 19, 2016
                                       ___________
        Introduced  by  Sen. RITCHIE -- 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 establishing a zero carbon
          emission tax credit
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  210-B  of the tax law is amended by adding a new
     2  subdivision 51 to read as follows:
     3     51. Zero carbon emission tax credit. (a) A taxpayer shall be  allowed
     4  a  credit  against  the  tax  imposed by this article provided that such
     5  taxpayer conducts business in a county with a population of one  hundred
     6  twenty-two  thousand  one  hundred  nine  according  to the 2010 federal
     7  census, and has a nameplate capacity of eight hundred  eighty-two  mega-
     8  watts.
     9    (b)  For purposes of this subdivision, the following definitions shall
    10  apply;
    11    (i) "nameplate capacity" shall mean the number registered with author-
    12  ities for classifying the power output of a power station in  accordance
    13  with New York Independent System Operator.
    14    (ii)  "megawatt"  shall  mean  the  measurement  used to determine the
    15  output of a power plant.
    16    (iii) "refuel" shall mean the biennial process in which nuclear plants
    17  replace fuel and conduct other necessary maintenance and repairs.
    18    (c) The amount of the credit shall be equal to sixty  million  dollars
    19  annually.
    20    (d)  If  the  amount  of credit allowed under this subdivision for any
    21  taxable year shall exceed the taxpayer's tax for such year,  the  excess
    22  shall  be treated as an overpayment of tax to be credited or refunded in
    23  accordance with the provisions of section  one  thousand  eighty-six  of
    24  this  chapter, provided, however, that no interest shall be paid on such
    25  refund, notwithstanding the provisions of subsection (c) of section  one
    26  thousand eighty-eight of this chapter.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13267-08-6