Bill S4734-2013

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

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

Details

Actions

  • Apr 29, 2014: REPORTED AND COMMITTED TO FINANCE
  • Jan 8, 2014: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • Apr 19, 2013: REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Meetings

Votes

VOTE: COMMITTEE VOTE: - Investigations and Government Operations - Apr 29, 2014
Ayes (8): Marcellino, Carlucci, Golden, Nozzolio, O'Mara, Zeldin, Diaz, Squadron
Ayes W/R (1): Hoylman

Memo

BILL NUMBER:S4734

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.

SUMMARY OF PROVISIONS:

Section 606 of the tax law is amended by adding a new subsection (p-1) to provide for a residential fuel oil storage tank credit. A taxpayer shall be allowed a credit against the tax imposed by this article for the removal or permanent closure and installation of a below-ground or above-ground residential fuel oil storage tank used to provide heating fuel for single to four-family residences located in New York.

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 below-ground or aboveground residential fuel oil tank and the purchase and installation costs of a new below-ground or above-ground residential fuel oil storage tank which is installed during the taxable year where such new tank is used in place of such formerly used below-ground or above-ground residential fuel oil tank which was removed or permanently closed during the taxable year, not to exceed $500. 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 neglected below-ground or above-ground residential fuel oil storage tank.

LEGISLATIVE HISTORY:

2011-12:A.513/S.817 2009-10:A.342/S.236 2007-08:A.184/S.146 2005-06:A.4609-A/S.3144-A.

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 a law and shall apply to taxable years beginning after such date.


Text

STATE OF NEW YORK ________________________________________________________________________ S. 4734 A. 6803 2013-2014 Regular Sessions S E N A T E - A S S E M B L Y April 19, 2013 ___________
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 AND INSTALLATION OF A BELOW-GROUND OR ABOVE-GROUND RESIDENTIAL 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 BELOW-GROUND OR ABOVE-GROUND RESIDENTIAL FUEL OIL TANK AND THE PURCHASE AND INSTALLATION COSTS OF A NEW BELOW-GROUND OR ABOVE-GROUND RESIDENTIAL FUEL OIL STORAGE TANK WHICH IS INSTALLED DURING THE TAXABLE YEAR WHERE SUCH NEW TANK IS USED IN PLACE OF SUCH FORMERLY USED BELOW-GROUND OR ABOVE-GROUND RESI- DENTIAL FUEL OIL TANK WHICH WAS REMOVED OR PERMANENTLY CLOSED DURING THE TAXABLE YEAR, 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.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Discuss!

blog comments powered by Disqus