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Full text
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Sponsor's memo
BILL NUMBER:S8303
Title of bill
An act to amend the tax law, in relation to establishing a biodiesel tax exemption
Purpose
To establish a biodiesel Call blends) tax exemption in New York State.
Summary of provisions
Section one amends paragraph 7 of subdivision (a) of section 301-b of the tax law to change the current exemption for B20 to include all biodiesel blends. The amount of the exemption is based on the percentage of biodiesel per gallon purchased by the taxpayer, not to exceed twenty cents per gallon.
Section two provides for an immediate effective date.
Existing law
Chapter 109 of the laws of 2006 provides an exemption for B20 and no other blend.
Justification
In 2006, New York state enacted Chapter 109 which provided a partial B20 biodiesel exemption. B20 is a blend of 20% biodiesel and 80% diesel. This legislation would expand the exemption to include any blend of biodiese1.
On a federal level, the biodiesel blenders' tax credit expired in 2009. The biodiesel blenders' tax credit was a $1 per gallon B100 biodiesel production tax credit. The federal government has not yet reinstated this critical legislation. This failure to act has resulted in a tumultuous period of time for the biodiesel industry which has seen virtually all production stop and new investments grind to a halt.
The exemption proposed here will somewhat address the federal government's failure to reinstate the tax credit for biodiesel and will help promote a renewable fuel. New York should make every effort to foster the development and growth of the renewable fuels industry in the state.
Legislative history
New.
Fiscal implications
To be determined.
Effective date
Immediate, with provisions.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.