Bill Text: NY A07132 | 2011-2012 | General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Provides a tax credit for farmers who use qualified biodiesel fuel for the sole operation of their farm equipment.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-05-30 - print number 7132c [A07132 Detail]

Download: New_York-2011-A07132-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7132--B
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                    April 13, 2011
                                      ___________
       Introduced by M. of A. HEVESI -- read once and referred to the Committee
         on Ways and Means -- recommitted to the Committee on Ways and Means in
         accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
         amended, ordered reprinted as amended and recommitted to said  commit-
         tee  --  again  reported  from said committee with amendments, ordered
         reprinted as amended and recommitted to said committee
       AN ACT to amend the tax law, in relation to providing a  tax  credit  to
         farmers  who  purchase  biodiesel fuel for the operation of their farm
         equipment
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  210  of  the  tax law is amended by adding a new
    2  subdivision 45 to read as follows:
    3    45. CREDIT FOR BIODIESEL FUEL USED IN FARMING EQUIPMENT.   (A)  ALLOW-
    4  ANCE  OF  CREDIT.  A  TAXPAYER THAT IS A BUSINESS PRINCIPALLY ENGAGED IN
    5  FARMING, AS  SUCH TERM IS DEFINED IN PARAGRAPH NINETEEN  OF  SUBDIVISION
    6  (B)  OF  SECTION  ELEVEN  HUNDRED ONE OF THIS CHAPTER SHALL BE ALLOWED A
    7  CREDIT AGAINST THE TAX IMPOSED BY THIS   ARTICLE  FOR  THE  PURCHASE  OF
    8  QUALIFIED  BIODIESEL FUEL TO BE USED IN FARMING EQUIPMENT IN THIS STATE.
    9  SUCH CREDIT SHALL BE $0.01 PER PERCENT OF BIODIESEL PER GALLON OF QUALI-
   10  FIED BIODIESEL FUEL, NOT TO EXCEED TWENTY CENTS PER GALLON, PURCHASED BY
   11  SUCH TAXPAYER DURING THE TAXABLE YEAR AND USED IN FARMING EQUIPMENT.
   12    (B) FOR PURPOSES OF THIS SUBDIVISION, THE FOLLOWING DEFINITIONS  SHALL
   13  APPLY:
   14    (1)  "BIODIESEL"  SHALL MEAN A FUEL COMPRISED EXCLUSIVELY OF MONOALKYL
   15  ESTERS OF LONG CHAIN FATTY ACIDS DERIVED FROM VEGETABLE OILS  OR  ANIMAL
   16  FATS, DESIGNATED B100, WHICH MEETS THE SPECIFICATIONS OF AMERICAN SOCIE-
   17  TY OF TESTING AND MATERIALS DESIGNATION D 6751.
   18    (2) "QUALIFIED BIODIESEL" SHALL MEAN A FUEL THAT IS A MIXTURE OF BIOD-
   19  IESEL AND DIESEL MOTOR FUEL.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08610-05-2
       A. 7132--B                          2
    1    (C)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
    2  THIS SUBDIVISION FOR ANY TAXABLE YEAR SHALL EXCEED  THE  TAXPAYER'S  TAX
    3  FOR  SUCH  YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO
    4  BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION ONE
    5  THOUSAND EIGHTY-SIX OF THIS CHAPTER, PROVIDED, HOWEVER, THAT NO INTEREST
    6  SHALL  BE  PAID  ON  SUCH  REFUND,  NOTWITHSTANDING  THE  PROVISIONS  OF
    7  SUBSECTION (C) OF SECTION ONE  THOUSAND EIGHTY-EIGHT OF THIS CHAPTER.
    8    S 2. Section 606 of the tax law is amended by adding a new  subsection
    9  (uu) to read as follows:
   10    (UU)  CREDIT  FOR BIODIESEL FUEL USED IN FARMING EQUIPMENT. (1) ALLOW-
   11  ANCE OF CREDIT. A TAXPAYER WHOSE FEDERAL GROSS INCOME FROM  FARMING  FOR
   12  THE  TAXABLE  YEAR IS AT LEAST TWO-THIRDS OF EXCESS FEDERAL GROSS INCOME
   13  SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY  THIS  ARTICLE  FOR
   14  THE PURCHASE OF QUALIFIED BIODIESEL FUEL TO BE USED IN FARMING EQUIPMENT
   15  IN  THIS STATE.  SUCH CREDIT SHALL BE $0.01 PER PERCENT OF BIODIESEL PER
   16  GALLON OF QUALIFIED BIODIESEL FUEL,  NOT  TO  EXCEED  TWENTY  CENTS  PER
   17  GALLON,  PURCHASED  BY SUCH TAXPAYER DURING THE TAXABLE YEAR AND USED IN
   18  FARMING EQUIPMENT.
   19    (2) DEFINITIONS. FOR PURPOSES OF THIS SUBSECTION, THE FOLLOWING  DEFI-
   20  NITIONS SHALL APPLY:
   21    (A)  "EXCESS  FEDERAL  GROSS INCOME" MEANS THE AMOUNT OF FEDERAL GROSS
   22  INCOME FROM ALL SOURCES FOR THE TAXABLE YEAR REDUCED BY THE SUM (NOT  TO
   23  EXCEED THIRTY THOUSAND DOLLARS) OF THOSE ITEMS INCLUDED IN FEDERAL GROSS
   24  INCOME  WHICH  CONSIST  OF  (I)  EARNED  INCOME,  (II) PENSION PAYMENTS,
   25  INCLUDING SOCIAL SECURITY PAYMENTS, (III) INTEREST, AND (IV)  DIVIDENDS.
   26  FOR  PURPOSES  OF  THIS  PARAGRAPH,  THE TERM "EARNED INCOME" SHALL MEAN
   27  WAGES, SALARIES, TIPS AND OTHER EMPLOYEE COMPENSATION, AND  THOSE  ITEMS
   28  OF  GROSS INCOME WHICH ARE INCLUDIBLE IN THE COMPUTATION OF NET EARNINGS
   29  FROM SELF-EMPLOYMENT. FOR THE PURPOSES OF THIS PARAGRAPH, PAYMENTS  FROM
   30  THE  STATE'S FARMLAND PROTECTION PROGRAM, ADMINISTERED BY THE DEPARTMENT
   31  OF AGRICULTURE AND MARKETS, SHALL BE INCLUDED AS  FEDERAL  GROSS  INCOME
   32  FROM FARMING.
   33    (B) "BIODIESEL" MEANS A FUEL COMPRISED EXCLUSIVELY OF MONOALKYL ESTERS
   34  OF  LONG  CHAIN  FATTY ACIDS DERIVED FROM VEGETABLE OILS OR ANIMAL FATS,
   35  DESIGNATED B100, WHICH MEETS THE SPECIFICATIONS OF AMERICAN  SOCIETY  OF
   36  TESTING AND MATERIALS DESIGNATION D 6751.
   37    (C)  "QUALIFIED BIODIESEL" MEANS A FUEL THAT IS A MIXTURE OF BIODIESEL
   38  AND DIESEL MOTOR FUEL.
   39    (3) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
   40  THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
   41  SUCH  YEAR,  THE  EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
   42  CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS  OF  SECTION  SIX
   43  HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
   44  SHALL BE PAID THEREON.
   45    S 3. This act shall take effect immediately and shall apply to taxable
   46  years beginning on and after January 1, 2013.