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This bill extends the biofuel tax credit from four to nine years and requires all New York municipalities to use biofuels.
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Require Biofuels for Municipalities
Plain English, a few words. Used as the page title.
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- Referred to ways and means
- Referred to ways and means
Companion bill
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Require Municipal Biofuel Use
In Senate Committee · Energy And Telecommunications · Sponsor Martin Malavé Dilan
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2076
2017-2018 Regular Sessions
IN ASSEMBLY
January 17, 2017
Introduced by M. of A. LENTOL -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to extending the biofuel credit and to amend the general municipal law, in relation to requiring all municipalities to use biofuels for any purpose which requires the use of fuel
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision (a) of section 28 of the tax law, as amended by section 1 of part K of chapter 59 of the laws of 2012, is amended to read as follows:
(a) General. A taxpayer subject to tax under article nine, nine-A or twenty-two of this chapter shall be allowed a credit against such tax pursuant to the provisions referenced in subdivision (d) of this section. The credit (or pro rata share of earned credit in the case of a partnership) for each gallon of biofuel produced at a biofuel plant on or after January first, two thousand six shall equal fifteen cents per gallon after the production of the first forty thousand gallons per year presented to market. The credit under this section shall be capped at two and one-half million dollars per taxpayer per taxable year for up to no more than [four] nine consecutive taxable years per biofuel plant. If the taxpayer is a partner in a partnership or shareholder of a New York S corporation, then the cap imposed by the preceding sentence shall be applied at the entity level, so that the aggregate credit allowed to all the partners or shareholders of each such entity in the taxable year does not exceed two and one-half million dollars. The tax credit allowed pursuant to this section shall apply to taxable years beginning before January first, two thousand twenty.
§ 2. The general municipal law is amended by adding a new section 99-x to read as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03400-01-7
A. 2076 2
§ 99-x. Use of biofuels. All counties, cities, towns and villages shall be required to use biofuels for any purpose which requires the use of fuel.
§ 3. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.