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Provides a tax credit for farmers who use biodiesel fuel for the sole operation of their farm equipment
In Assembly Committee · Ways And Means · Sponsor Marc Alessi
Full text
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Sponsor's memo
Title of bill
An act to amend the tax law, in relation to providing a tax credit to farmers who purchase biodiesel fuel for the operation of their farm equipment
Purpose or general idea of bill
To create incentives for farmers to use homegrown biodiesel for operation of their farm equipment rather then petro-gas.
Summary of specific provisions
Section 1: Establishes a tax credit of 50.01 per percent of biodiesel per gallon, not to exceed twenty cents per gallon purchased by a taxpayer that is principally engaged in farming.
(b) - Defines Biodiesel
(c) - Establishes the application of the credit.
Justification
Studies have shown that diesel fumes contain particulate matter which can trigger asthma attacks and other respiratory ailments in children and that levels of diesel fumes are up to four times greater inside a bus than ambient levels. Diesel exhaust is classified as a probable human carcinogen by many government authorities including the state attorney general. In addition, dark particles from diesel fuel have been found embedded in glacial ice contributing to rapid melting of polar ice. By giving incentives to farmers to use biodiesel it encourages responsible farming and allows farmers an economic incentive to use such products.
Prior legislative history
06/01/07 referred to ways and means 01/09/08 referred to ways and means 06/19/08 held for consideration in ways and means
Fiscal implications
Loss of sales tax revenue.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.