Extends the biofuel credit and requires all municipalities to use biofuels for any purpose which requires the use of fuel.
TITLE OF BILL: An act to amend the tax law, in relation to extending the biofuel credit and to amend the general municipal law, in relation to requiring all municipalities to use biofuels for any purpose which requires the use of fuel
PURPOSE OR GENERAL IDEA OF BILL: Extends the biofuel credit and requires municipalities to use biofuels for any purpose which requires the use of fuels.
SUMMARY OF SPECIFIC PROVISIONS: * Subdivision (a) of section 28 of the Tax Law is amended. * The General Municipal Law is amended by adding a new section 99-w.
JUSTIFICATION: Renewable fuels, or "biofuels", are liquid transportation fuels made from agricultural crops such as soybeans. The use of Biofuels can make a big difference in improving our environment, helping our economy, and reducing our dependence on foreign oil. Biofuels have been proven to be a worthy alternative. Not only is it essential that we consider alternative, renewable fuel sources to help reduce our dependence on foreign oil sources, it is also our responsibility, both economically and environmentally, to use these alternative fuel sources.
PRIOR LEGISLATIVE HISTORY: 2011/12: S.3985A/A.1371A 2009/10: S.6208/A.8835
FISCAL IMPLICATIONS: None.
EFFECTIVE DATE: Immediately.
STATE OF NEW YORK ________________________________________________________________________ 407 2013-2014 Regular Sessions IN SENATE (PREFILED) January 9, 2013 ___________Introduced by Sen. DILAN -- 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 extending the biofuel credit and to amend the general municipal law, in relation to requiring all municipalities to use biofuels for any purpose which requires the use of fuel THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision (a) of section 28 of the tax law, as amended by section 1 of part K of chapter 59 of the laws of 2012, is amended to read as follows: (a) General. A taxpayer subject to tax under article nine, nine-A or twenty-two of this chapter shall be allowed a credit against such tax pursuant to the provisions referenced in subdivision (d) of this section. The credit (or pro rata share of earned credit in the case of a partnership) for each gallon of biofuel produced at a biofuel plant on or after January first, two thousand six shall equal fifteen cents per gallon after the production of the first forty thousand gallons per year presented to market. The credit under this section shall be capped at two and one-half million dollars per taxpayer per taxable year for up to no more than
[four]NINE consecutive taxable years per biofuel plant. If the taxpayer is a partner in a partnership or shareholder of a New York S corporation, then the cap imposed by the preceding sentence shall be applied at the entity level, so that the aggregate credit allowed to all the partners or shareholders of each such entity in the taxable year does not exceed two and one-half million dollars. The tax credit allowed pursuant to this section shall apply to taxable years beginning before January first, two thousand twenty.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00692-01-3 S. 407 2
S 2. The general municipal law is amended by adding a new section 99-x to read as follows: S 99-X. USE OF BIOFUELS. ALL COUNTIES, CITIES, TOWNS AND VILLAGES SHALL BE REQUIRED TO USE BIOFUELS FOR ANY PURPOSE WHICH REQUIRES THE USE OF FUEL. S 3. This act shall take effect immediately.