What's happening
This bill creates a tax credit of up to $500 for homeowners who remove, replace, or permanently close residential fuel oil storage tanks.
Why it matters
Encourages environmental safety. by providing a financial incentive for homeowners to properly remove or upgrade aging fuel oil tanks, reducing the risk of leaks and soil contamination.
Eases financial burden. for homeowners facing potentially high costs associated with replacing or closing old tanks, making it more feasible for individuals to take proactive safety measures.
Applies broadly to a range of properties. , specifically benefiting owners of single- to four-family residences, which covers much of New York’s residential housing stock.
Offers long-term tax relief. by allowing unused credits to be carried forward to future tax years, ensuring that homeowners can fully benefit from the incentive even if their tax liability is lower than the credit in a given year.
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Who cares
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 investigations and government operations
- Referred to investigations and government operations
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 Assembly Committee · Ways And Means · Sponsor Fred Thiele
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.
Sponsor's memo
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 residential 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
2015-16 S.1877/A.2016; 2013-14 S.4734/A.6803; 2011-12 S.817; 2009-10 S.236/A.32; 2007-08, S146/A.184; 2005-06, S.3144-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.