Bill Text: NY S02989 | 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 (Republican 1-0)

Status: (Introduced - Dead) 2012-05-24 - PRINT NUMBER 2989C [S02989 Detail]

Download: New_York-2011-S02989-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        2989--A
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   February 4, 2011
                                      ___________
       Introduced  by  Sen. MAZIARZ -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations -- recommitted to the Committee on Investigations  and
         Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
         committee discharged, bill amended, 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  BIODIESEL FUEL TO BE USED IN FARMING EQUIPMENT.  SUCH  CREDIT  SHALL  BE
    9  $0.01  PER  PERCENT  OF  BIODIESEL  PER GALLON OF BIOHEAT, NOT TO EXCEED
   10  TWENTY CENTS PER GALLON, PURCHASED BY SUCH TAXPAYER.
   11    (B) FOR PURPOSES OF THIS SUBDIVISION, THE TERM "BIODIESEL" SHALL  MEAN
   12  A  FUEL  COMPRISED  EXCLUSIVELY  OF MONOALKYL ESTERS OF LONG CHAIN FATTY
   13  ACIDS DERIVED FROM VEGETABLE OILS OR ANIMAL FATS, DESIGNATED B100, WHICH
   14  MEETS THE SPECIFICATIONS OF AMERICAN SOCIETY OF  TESTING  AND  MATERIALS
   15  DESIGNATION D 6751.
   16    (C)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
   17  THIS SUBDIVISION FOR ANY TAXABLE YEAR SHALL EXCEED  THE  TAXPAYER'S  TAX
   18  FOR  SUCH  YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO
   19  BE CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION ONE
   20  THOUSAND EIGHTY-SIX OF THIS CHAPTER, PROVIDED, HOWEVER, THAT NO INTEREST
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08610-02-2
       S. 2989--A                          2
    1  SHALL  BE  PAID  ON  SUCH  REFUND,  NOTWITHSTANDING  THE  PROVISIONS  OF
    2  SUBSECTION (C) OF SECTION ONE  THOUSAND EIGHTY-EIGHT OF THIS CHAPTER.
    3    S  2. Section 606 of the tax law is amended by adding a new subsection
    4  (uu) to read as follows:
    5    (UU) CREDIT FOR BIODIESEL FUEL USED IN FARMING EQUIPMENT.  (1)  ALLOW-
    6  ANCE  OF  CREDIT. A TAXPAYER WHOSE FEDERAL GROSS INCOME FROM FARMING FOR
    7  THE TAXABLE YEAR IS AT LEAST TWO-THIRDS OF EXCESS FEDERAL  GROSS  INCOME
    8  SHALL  BE  ALLOWED  A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE FOR
    9  THE PURCHASE OF BIODIESEL FUEL TO BE USED  IN  FARMING  EQUIPMENT.  SUCH
   10  CREDIT  SHALL  BE  $0.01 PER PERCENT OF BIODIESEL PER GALLON OF BIOHEAT,
   11  NOT TO EXCEED TWENTY CENTS PER GALLON, PURCHASED BY SUCH TAXPAYER.
   12    (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
   13  THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
   14  SUCH  YEAR,  THE  EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE
   15  CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS  OF  SECTION  SIX
   16  HUNDRED  EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST
   17  SHALL BE PAID THEREON.
   18    S 3. This act shall take effect immediately.