Bill Text: NY A05522 | 2019-2020 | General Assembly | Introduced

Bill Title: Establishes a residential fuel oil storage tank credit and directs the office of temporary and disability assistance to establish a program to assist eligible households in the replacement of residential fuel oil storage tanks.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-02-13 - referred to ways and means [A05522 Detail]

Download: New_York-2019-A05522-Introduced.html

                STATE OF NEW YORK
            S. 3729                                                  A. 5522
                               2019-2020 Regular Sessions
                SENATE - ASSEMBLY
                                    February 13, 2019
        IN  SENATE  --  Introduced  by  Sens.  LAVALLE, O'MARA -- read twice and
          ordered printed, and when printed to be committed to the Committee  on
          Budget and Revenue
        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 and to direct the office of temporary and
          disability assistance to establish a program to assist eligible house-
          holds in the replacement of residential fuel oil storage tanks
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 606 of the tax law  is  amended  by  adding  a  new
     2  subsection (p-1) to read as follows:
     3    (p-1) Residential fuel oil storage tank credit. (1) Allowance of cred-
     4  it.  A taxpayer shall be allowed a credit, to be computed as hereinafter
     5  provided, against the tax imposed by this article  for  the  removal  or
     6  permanent  closure  and  installation  of a below-ground or above-ground
     7  residential fuel oil storage tank  used  to  provide  heating  fuel  for
     8  single  family,  two  family,  three  family  and four family residences
     9  located in this state.
    10    (2) Amount of credit. The amount of the credit shall be equal  to  the
    11  costs  of  removal  or  permanent closure of an existing below-ground or
    12  above-ground residential fuel oil tank and the purchase and installation
    13  costs of a new below-ground or above-ground residential fuel oil storage
    14  tank which is installed during the taxable year where such new  tank  is
    15  used  in  place of such formerly used below-ground or above-ground resi-
    16  dential fuel oil tank which was removed or permanently closed during the
    17  taxable year, not to exceed five hundred dollars.
    18    (3) Limitation. A credit allowed under this subsection may be  allowed
    19  only once with respect to a particular residence.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 3729                             2                            A. 5522
     1    (4)  Carryover.  If  the  amount  of  the  credit allowable under this
     2  subsection exceeds the taxpayer's tax for any taxable year,  the  excess
     3  may  be  carried over to the following year or years and may be deducted
     4  from the taxpayer's tax for such year or years.
     5    (5)  To  qualify  for  the  credit  established  by this subsection, a
     6  replacement fuel oil storage tank must be installed and shall  be  of  a
     7  design approved by Underwriters Laboratories (U.L.), as follows:
     8    (A) U.L. 80: A steel tank with a polyurethane exterior coating;
     9    (B) U.L. 80: A steel tank with a double-bottom leak protection system,
    10  with or without a polyurethane exterior coating;
    11    (C)  U.L.  80  steel  tank,  without  a polyurethane exterior coating,
    12  provided that such tank is located inside a sealed, leak-proof secondary
    13  containment structure listed to U.L.  2258  (non-metallic  tub  for  oil
    14  tanks),  wherein such structure has a volumetric capacity of 110% of the
    15  inside tank;
    16    (D) U.L. 2558: A double wall tank consisting of an interior  polyethy-
    17  lene tank placed inside a secondary liquid-tight metallic tank;
    18    (E) U.L. 2558: A single wall or double wall fiberglass tank; or
    19    (F) U.L. 58 and U.L. 1746-Part 1: A Steel Tank Institute P-3 tank with
    20  cathodic protection.
    21  A standard unprotected single wall oil storage tank listed to U.L. 80 is
    22  not permitted as a replacement tank and will not be eligible for the tax
    23  credit provided herein.
    24    § 2. The office of temporary and disability assistance shall develop a
    25  program utilizing the heating energy assistance program (HEAP) to assist
    26  eligible  households  to  remove/permanently  close and replace existing
    27  fuel oil storage tanks and to promulgate such regulations and apply  for
    28  such permissions and waivers from the United States government as may be
    29  necessary  to  do  so. To qualify for assistance, a replacement fuel oil
    30  storage tank must be installed and shall be of a design as specified  in
    31  paragraph (5) of subsection (p-1) of section 606 of the tax law.
    32    § 3. This act shall take effect immediately.