Establishes a tax credit for the removal or permanent enclosure of a residential fuel oil storage tank.
BILL NUMBER: S236
TITLE OF BILL :
An act to amend the tax law, in relation to establishing a residential fuel oil storage tank credit
Relates to extending the date of expiration and repeal of the residential fuel oil storage tank credit.
SUMMARY OF PROVISIONS :
Section 606 of the tax law is amended by adding a new subsection (D-1).
While it was not intended to become a permanent program available to New York State residents, the original residential fuel oil storage tank credit was a successful mechanism to get New Yorkers to replace and close underground oil tanks. Since its expiration in 2003, there undoubtedly are individuals who have not yet acted to remove these tanks and there are those who have. It is the goal of this bill to reinstate the credit and make it retroactively effective on January 1, 2004. This bill would not make the program permanent, it would just give New Yorkers until 2010 to take advantage of this program and remove their underground tanks.
LEGISLATIVE HISTORY :
2007-08, S.146; 2005-06, S.3144-A.
FISCAL IMPLICATIONS :
To be determined.
EFFECTIVE DATE : This act shall take effect immediately and shall be deemed to have been in full force and effect on and after January 1, 2011.
STATE OF NEW YORK ________________________________________________________________________ S. 236 A. 342 2009-2010 Regular Sessions S E N A T E - A S S E M B L Y (PREFILED) January 7, 2009 ___________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. LBD01022-01-9