What's happening
This bill creates a tax credit of up to $500 for the removal, replacement, or closure of residential fuel oil tanks in New York.
Why it matters
Encourages environmental safety and property value protection. by incentivizing homeowners to properly remove or upgrade aging or potentially leaking fuel oil tanks, which are a known source of soil and groundwater contamination.
Targets middle- and lower-income homeowners. by limiting the credit to $500 and only allowing it once per residence, making the benefit accessible for those who might otherwise delay or avoid costly tank upgrades.
Supports cleaner energy transitions. by making it financially easier for households to replace old tanks, potentially facilitating future moves away from oil heat as part of broader state climate and energy goals.
Enables forward financial planning. since unused portions of the credit can be carried over to future tax years, reducing the risk that cost-conscious homeowners will miss out if their tax liability is too low in a single year.
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Who cares
Taxpayers replacing residential heating-oil tanks
The bill would offer a credit of up to $500 for removing or permanently closing an old tank and purchasing and installing its replacement at a New York one- to four-family residence.
Taxpayers with limited income-tax liability
Any credit exceeding their tax liability could be carried forward to later years, but the credit would be allowed only once per residence.
Fuel-oil tank removal and installation contractors
Their removal, permanent closure and replacement installation costs would count toward the credit for qualifying above-ground and below-ground tanks.
Headline styles
Fuel Tank Removal Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to ways and means
- Referred to ways and means
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Fuel Tank Removal Tax Credit
In Senate Committee · Investigations And Government Operations · Sponsor Kenneth P. LaValle
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
S. 4814 A. 6300
2017-2018 Regular Sessions
SENATE - ASSEMBLY
March 2, 2017
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations
IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to establishing a residential fuel oil storage tank credit
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 606 of the tax law is amended by adding a new subsection (p-1) to read as follows:
(p-1) Residential fuel oil storage tank credit. (1) Allowance of credit. A taxpayer shall be allowed a credit, to be computed as hereinafter provided, 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 this state.
(2) Amount of credit. The amount of the credit shall be 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 five hundred dollars.
(3) Limitation. A credit allowed under this subsection may be allowed only once with respect to a particular residence.
(4) Carryover. If the amount of the credit allowable under this subsection exceeds the taxpayer's tax for any taxable year, the excess
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08099-01-7
S. 4814 2 A. 6300
may be carried over to the following year or years and may be deducted from the taxpayer's tax for such year or years.
§ 2. This act shall take effect on the first of January next succeeding the date on which it shall have become a law and shall apply to taxable years beginning after such date.
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.