Bill Text: NY A05807 | 2021-2022 | General Assembly | Introduced

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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 2-0)

Status: (Introduced - Dead) 2022-01-05 - referred to ways and means [A05807 Detail]

Download: New_York-2021-A05807-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

            S. 5171                                                  A. 5807

                               2021-2022 Regular Sessions

                SENATE - ASSEMBLY

                                    February 25, 2021
                                       ___________

        IN SENATE -- Introduced by Sen. PALUMBO -- read twice and ordered print-
          ed,  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.
                                                                   LBD05779-01-1
        S. 5171                             2                            A. 5807

     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.