Bill Text: NY A02016 | 2015-2016 | General Assembly | Introduced

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Bill Title: Establishes a tax credit for the removal or permanent enclosure of a residential fuel oil storage tank.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A02016 Detail]

Download: New_York-2015-A02016-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
           S. 1877                                                  A. 2016
                              2015-2016 Regular Sessions
                             S E N A T E - A S S E M B L Y
                                   January 15, 2015
                                      ___________
       IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
         ed,  and  when  printed  to  be committed to the Committee on Investi-
         gations and Government Operations
       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
         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 TO FOUR-FAMILY RESIDENCES LOCATED IN THIS STATE.
    9    (2)  AMOUNT OF CREDIT.  THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE
   10  COSTS OF REMOVAL OR PERMANENT CLOSURE OF  AN  EXISTING  BELOW-GROUND  OR
   11  ABOVE-GROUND RESIDENTIAL FUEL OIL TANK AND THE PURCHASE AND INSTALLATION
   12  COSTS OF A NEW BELOW-GROUND OR ABOVE-GROUND RESIDENTIAL FUEL OIL STORAGE
   13  TANK  WHICH  IS INSTALLED DURING THE TAXABLE YEAR WHERE SUCH NEW TANK IS
   14  USED IN PLACE OF SUCH FORMERLY USED BELOW-GROUND OR  ABOVE-GROUND  RESI-
   15  DENTIAL FUEL OIL TANK WHICH WAS REMOVED OR PERMANENTLY CLOSED DURING THE
   16  TAXABLE YEAR, NOT TO EXCEED FIVE HUNDRED DOLLARS.
   17    (3) LIMITATION.  A CREDIT ALLOWED UNDER THIS SUBSECTION MAY BE ALLOWED
   18  ONLY ONCE WITH RESPECT TO A PARTICULAR RESIDENCE.
   19    (4)  CARRYOVER.    IF  THE  AMOUNT  OF THE CREDIT ALLOWABLE UNDER THIS
   20  SUBSECTION EXCEEDS THE TAXPAYER'S TAX FOR ANY TAXABLE YEAR,  THE  EXCESS
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD07191-01-5
       S. 1877                             2                            A. 2016
    1  MAY  BE  CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED
    2  FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
    3    S  2. This act shall take effect on the first of January next succeed-
    4  ing the date on which it shall have become a  law  and  shall  apply  to
    5  taxable years beginning after such date.