Bill Text: NY A01409 | 2013-2014 | General Assembly | Introduced

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Bill Title: Extends the biofuel credit and requires all municipalities to use biofuels for any purpose which requires the use of fuel.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-01-08 - referred to ways and means [A01409 Detail]

Download: New_York-2013-A01409-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1409
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 9, 2013
                                      ___________
       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 ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subdivision (a) of section 28 of the tax law, as amended by
    2  section 1 of part K of chapter 59 of the laws of  2012,  is  amended  to
    3  read as follows:
    4    (a)  General.  A taxpayer subject to tax under article nine, nine-A or
    5  twenty-two of this chapter shall be allowed a credit  against  such  tax
    6  pursuant  to  the  provisions  referenced  in  subdivision  (d)  of this
    7  section. The credit (or pro rata share of earned credit in the case of a
    8  partnership) for each gallon of biofuel produced at a biofuel  plant  on
    9  or  after  January first, two thousand six shall equal fifteen cents per
   10  gallon after the production of the first forty thousand gallons per year
   11  presented to market. The credit under this section shall  be  capped  at
   12  two and one-half million dollars per taxpayer per taxable year for up to
   13  no more than [four] NINE consecutive taxable years per biofuel plant. If
   14  the  taxpayer is a partner in a partnership or shareholder of a New York
   15  S corporation, then the cap imposed by the preceding sentence  shall  be
   16  applied at the entity level, so that the aggregate credit allowed to all
   17  the  partners  or  shareholders  of each such entity in the taxable year
   18  does not exceed two and one-half million dollars. The tax credit allowed
   19  pursuant to this section shall apply to taxable years  beginning  before
   20  January first, two thousand twenty.
   21    S 2. The general municipal law is amended by adding a new section 99-x
   22  to read as follows:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00692-01-3
       A. 1409                             2
    1    S  99-X.  USE  OF  BIOFUELS.  ALL COUNTIES, CITIES, TOWNS AND VILLAGES
    2  SHALL BE REQUIRED TO USE BIOFUELS FOR ANY PURPOSE WHICH REQUIRES THE USE
    3  OF FUEL.
    4    S 3. This act shall take effect immediately.