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Establishes a tax credit for the removal or permanent enclosure of a residential fuel oil storage tank
In Assembly Committee · Ways And Means · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1877 Revised 02/26/15
Title of bill
An act to amend the tax law, in relation to establishing a residential fuel oil storage tank credit
Purpose
Establishes a tax credit for the removal or permanent closure of a resi- dential fuel oil storage tank credit.
Summary of provisions
Section 606 of the tax law is amended by adding a new subsection (p-1) to provide for a residential fuel oil storage tank credit. A taxpayer shall be allowed a credit against the tax imposed by this article for the removal or permanent closure and installation of a below-ground or above-ground residential fuel oil storage tank used to provide heating fuel for single to four family residences located in New York.
Justification
This legislation would reinstate a residential fuel oil storage tank credit that was originally established by Section 3 of Part C of Chapter 85 of the Laws of 2002. It would provide taxpayers with a tax credit equal to the costs of removal or permanent closure of an existing below-ground or above-ground residential fuel oil tank and the purchase and installation costs of a new below-ground or above-ground residential fuel oil storage tank which is installed during the taxable year where such new tank is used in place of such formerly used below-ground or above-ground residential fuel oil tank which was removed or permanently closed during the taxable year, not to exceed $500. The credit would be allowed once per residence and may be carried forward to the following year or years and may be deducted from the taxpayer's tax for such year or years.
The original residential fuel oil storage tank credit was a successful mechanism to get New Yorkers to replace and close underground oil tanks. Undoubtedly, individuals who did not act to remove these tanks before the program's expiration in 2003 are experiencing further corrosion as their tanks continue to age. This legislation would give New Yorkers another opportunity to take advantage of this incentive to protect their homes and the environment from the risk of contamination by an existing unprotected or neglected below ground or above ground residential fuel oil storage tank
Legislative history
2013-14 S.4734/A.6803; 2011-12 S.817; 2009-10 S.236/A.32;
2007-08 S146/A.184; 2005-06 S3144-A/A.4609A.
Fiscal implications
Estimated annual revenue loss of $1M.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become law and shall apply to taxable years beginning after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.