Establishes a tax credit for the removal or permanent enclosure of a residential fuel oil storage tank.
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
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).
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
2009-10 S.236/A.32; 2007-08, S.146/A.184; 2005-06, S.3144-A/A.4609A.
To be determined.
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.
STATE OF NEW YORK ________________________________________________________________________ S. 817 A. 513 2011-2012 Regular Sessions S E N A T E - A S S E M B L Y (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