Bill Text: NY A05620 | 2009-2010 | General Assembly | Introduced

---

Bill Title: An act to amend the tax law, in relation to establishing a tax credit for the actual cost of construction, reconstruction or acquisition of certain alternative fuel refueling facilities

Spectrum: Strong Partisan Bill (Republican 18-1)

Status: (Introduced - Dead) 2010-07-01 - held for consideration in ways and means [A05620 Detail]

Download: New_York-2009-A05620-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5620
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 13, 2009
                                      ___________
       Introduced  by M. of A. MOLINARO, WALKER, ALFANO, KOLB, BARCLAY, GIGLIO,
         HAWLEY, BACALLES, CORWIN, P. LOPEZ -- Multi-Sponsored by -- M.  of  A.
         BALL,  BARRA,  CROUCH, ERRIGO, FINCH, SPANO, TEDISCO, THIELE, TOWNSEND
         -- read once and referred to the Committee on Ways and Means
       AN ACT to amend the tax law, in relation to establishing  a  tax  credit
         for  the actual cost of construction, reconstruction or acquisition of
         certain alternative fuel refueling facilities
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  tax  law is amended by adding a new section 187-o to
    2  read as follows:
    3    S 187-O. ALTERNATIVE FUELS CREDIT FOR  COST  OF  CONSTRUCTION,  RECON-
    4  STRUCTION  OR  ACQUISITION OF CERTAIN ALTERNATIVE FUEL REFUELING FACILI-
    5  TIES. 1. GENERAL. A TAX CREDIT FOR  THE  ACTUAL  COST  OF  CONSTRUCTION,
    6  RECONSTRUCTION  OR ACQUISITION OF AN ALTERNATIVE FUEL REFUELING FACILITY
    7  THAT IS DIRECTLY ATTRIBUTABLE TO THE STORAGE, COMPRESSION,  CHARGING  OR
    8  DISPENSING  OF  ALTERNATIVE  FUELS  TO MOTOR VEHICLES.   SUCH TAX CREDIT
    9  SHALL BE AVAILABLE FOR SEVEN YEARS.   THE INCOME  TAX  CREDIT  WOULD  BE
   10  FIFTY  PERCENT  FOR  THE  FIRST  THREE  YEARS OF THE CREDIT; THIRTY-FIVE
   11  PERCENT FOR THE SECOND TWO YEARS; AND TWENTY PERCENT FOR  THE  LAST  TWO
   12  YEARS OF THE CREDIT.
   13    2. CALCULATION.  FOR AN ALTERNATIVE FUEL REFUELING FACILITY THAT SHALL
   14  BE  ACCESSIBLE FOR USE BY PERSONS IN ADDITION TO THE PERSON CLAIMING THE
   15  CREDIT, THE PERCENTAGES SPECIFIED SHALL BE MULTIPLIED BY  1.25.  FOR  AN
   16  ALTERNATIVE  FUEL  REFUELING FACILITY THAT DISPENSES AN ALTERNATIVE FUEL
   17  FROM A RENEWABLE ENERGY SOURCE, THE CREDIT PERCENTAGES  SPECIFIED  SHALL
   18  BE  MULTIPLIED  BY 1.25 WITH CERTIFICATION THAT AT LEAST SEVENTY PERCENT
   19  OF THE ALTERNATIVE FUEL DISPENSED ANNUALLY IS DERIVED FROM  A  RENEWABLE
   20  ENERGY  SOURCE FOR A PERIOD OF TEN YEARS. THE CREDIT HAS A MAXIMUM VALUE
   21  OF FOUR HUNDRED THOUSAND DOLLARS IN ANY CONSECUTIVE FIVE-YEAR PERIOD FOR
   22  EACH REFUELING FACILITY.
   23    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07094-01-9