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

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S817-2011 Actions

• May 22, 2012: REPORTED AND COMMITTED TO FINANCE
• Jan 4, 2012: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
• Jun 2, 2011: REPORTED AND COMMITTED TO FINANCE
• Jan 5, 2011: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

S817-2011 Meetings

Investigations and Government Operations: May 15, 2012, Investigations and Government Operations: May 22, 2012, Investigations and Government Operations: Jun 2, 2011

S817-2011 Votes

S817-2011 Memo

BILL NUMBER:S817             REVISED 01/13/2011

TITLE OF BILL:

An act
to amend the tax law, in relation to establishing a
residential fuel oil storage tank credit

PURPOSE:

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

SUMMARY OF PROVISIONS:

Section 606 of the tax law is amended by adding a new subsection (P-1).

JUSTIFICATION:

This legislation would reinstate a residential fuel oil storage tank
credit that was originally established by Section 3 of Part C of
Chapter 85 of the Laws of 2002. It would provide taxpayers with a tax
credit equal to the costs of removal or permanent closure of an
existing unprotected below-ground or aboveground residential fuel oil
storage tank used to provide heating fuel for single to four family
residences located in new York not to exceed five hundred dollars.
The credit would be allowed once per residence and may be carried
forward to the following year or years and may be deducted from the
taxpayer's tax for such year or years.

The original residential fuel oil storage tank credit was a successful
mechanism to get New Yorkers to replace and close underground oil
tanks. Undoubtedly. individuals who did not act to remove these tanks
before the program's expiration in 2003 are experiencing further
corrosion as their tanks continue to age. This legislation would give
New Yorkers another opportunity to take advantage of this incentive
to protect their homes and the environment from the risk of
contamination by an existing unprotected or neglected below ground or
above ground residential fuel oil storage tank

LEGISLATIVE HISTORY:

2009-10 S.236/A.32; 2007-08, S.146/A.184; 2005-06, S.3144-A/A.4609A.

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

This act shall take effect on the first of January next succeeding the
date on which it shall have become law and shall apply to taxable
years beginning after such date.

S817-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

      S. 817                                                    A. 513

                         2011-2012 Regular Sessions

                        SENATE - ASSEMBLY

                                 (PREFILED)

                               January 5, 2011
                                 ___________

  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:


    Section  1.  Section  606  of  the  tax law is amended by adding a new
  subsection (p-1) to read as follows:

    (P-1) RESIDENTIAL FUEL OIL STORAGE TANK CREDIT. (1) ALLOWANCE OF CRED-
  IT.  A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS HEREINAFTER
  PROVIDED, AGAINST THE TAX IMPOSED BY THIS ARTICLE  FOR  THE  REMOVAL  OR
  PERMANENT CLOSURE OR INSTALLATION OF A BELOW-GROUND OR ABOVEGROUND RESI-
  DENTIAL FUEL OIL STORAGE TANK USED TO PROVIDE HEATING FUEL FOR SINGLE TO
  FOUR-FAMILY RESIDENCES LOCATED IN THIS STATE.
    (2)  AMOUNT OF CREDIT.  THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO THE
  COSTS OF REMOVAL OR PERMANENT CLOSURE OF AN EXISTING UNPROTECTED  BELOW-
  GROUND  OR  ABOVE-GROUND  RESIDENTIAL  FUEL  OIL TANK NOT TO EXCEED FIVE
  HUNDRED DOLLARS.
    (3) LIMITATION.  A CREDIT ALLOWED UNDER THIS SUBSECTION MAY BE ALLOWED
  ONLY ONCE WITH RESPECT TO A PARTICULAR RESIDENCE.
    (4) CARRYOVER.   IF THE AMOUNT OF  THE  CREDIT  ALLOWABLE  UNDER  THIS
  SUBSECTION  EXCEEDS  THE TAXPAYER'S TAX FOR ANY TAXABLE YEAR, THE EXCESS
  MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY  BE  DEDUCTED
  FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
    S  2. This act shall take effect on the first of January next succeed-
  ing the date on which it shall have become a  law  and  shall  apply  to
  taxable years beginning after such date.

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD03756-01-1