Bill Text: NY S05414 | 2015-2016 | General Assembly | Introduced

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Bill Title: Relates to establishing a tax credit for individuals retrofitting heavy duty vehicles or purchasing new vehicles that comply with section 19-0323 of the environmental conservation law.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS [S05414 Detail]

Download: New_York-2015-S05414-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5414
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                     May 14, 2015
                                      ___________
       Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
         printed to be committed to the Committee on Investigations and Govern-
         ment Operations
       AN ACT to amend the tax law, in relation to establishing  a  tax  credit
         for  retrofitting  heavy duty vehicles or purchasing new vehicles that
         comply with section 19-0323 of the environmental conservation law
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  210-B  of the tax law is amended by adding a new
    2  subdivision 51 to read as follows:
    3    51. DIESEL EMISSION REDUCTIONS TAX CREDIT. (A) A TAXPAYER  WHO  RETRO-
    4  FITS  A  HEAVY DUTY VEHICLE OWNED BY THE TAXPAYER TO COMPLY WITH SECTION
    5  19-0323 OF THE ENVIRONMENTAL CONSERVATION LAW OR  WHO  PURCHASES  A  NEW
    6  HEAVY DUTY VEHICLE TO REPLACE AN EXISTING NON-COMPLIANT HEAVY DUTY VEHI-
    7  CLE  SHALL  BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE,
    8  TO BE COMPUTED AS PROVIDED IN PARAGRAPH (B)  OF  THIS  SUBDIVISION.  THE
    9  UNUSED  PORTION  OF  ANY  TAX  CREDIT CLAIMED MAY BE CARRIED FORWARD AND
   10  APPLIED IN THE FOLLOWING TAX YEAR.
   11    (B) THE AMOUNT OF CREDIT SHALL BE FOURTEEN THOUSAND DOLLARS, WHICH  IS
   12  THE FAIR MARKET VALUE OF THE BEST AVAILABLE RETROFIT TECHNOLOGY.
   13    (C) TAXPAYERS CLAIMING THE DIESEL EMISSION REDUCTIONS TAX CREDIT SHALL
   14  SUBMIT  COPIES  OF  THE SALES RECEIPTS WITH TAX RETURNS THAT CLAIM A TAX
   15  CREDIT AND PROOF OF OWNERSHIP OF THE HEAVY DUTY VEHICLE.
   16    S 2. Section 606 of the tax law is amended by adding a new  subsection
   17  (ccc) to read as follows:
   18    (CCC) CREDIT FOR DIESEL EMISSION REDUCTIONS. (1) A TAXPAYER WHO RETRO-
   19  FITS  A  HEAVY DUTY VEHICLE OWNED BY THE TAXPAYER TO COMPLY WITH SECTION
   20  19-0323 OF THE ENVIRONMENTAL CONSERVATION LAW OR  WHO  PURCHASES  A  NEW
   21  HEAVY DUTY VEHICLE TO REPLACE AN EXISTING NON-COMPLIANT HEAVY DUTY VEHI-
   22  CLE  SHALL  BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTICLE,
   23  TO BE COMPUTED AS PROVIDED IN PARAGRAPH TWO OF THIS SUBSECTION.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10976-03-5
       S. 5414                             2
    1    (2) THE AMOUNT OF CREDIT SHALL BE EQUAL TO FOURTEEN THOUSAND  DOLLARS,
    2  WHICH  IS THE FAIR MARKET VALUE OF THE BEST AVAILABLE RETROFIT TECHNOLO-
    3  GY.  IN NO EVENT SHALL THE CREDIT PROVIDED IN THIS SUBSECTION BE ALLOWED
    4  IN EXCESS OF THE TAXPAYER'S TAX FOR SUCH YEAR.
    5    S  3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
    6  of the tax law is amended by adding a new  clause  (xliii)  to  read  as
    7  follows:
    8  (XLIII) CREDIT FOR DIESEL            AMOUNT OF CREDIT UNDER
    9  EMISSION REDUCTIONS                  SUBDIVISION FIFTY-ONE OF
   10  UNDER SUBSECTION (CCC)               SECTION TWO HUNDRED TEN-B
   11    S 4. This act shall take effect immediately.