S T A T E   O F   N E W   Y O R K
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                                 7588--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             April 16, 2009
                               ___________

Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
  Committee on Ways and Means --  committee  discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

AN  ACT  to amend the tax law, in relation to providing a tax credit for
  the purchase of certified sustainably harvested wood products

  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 (qq) to read as follows:
  (QQ) CERTIFIED SUSTAINABLY HARVESTED WOOD  PRODUCTS  TAX  CREDIT.  (1)
ALLOWANCE  OF  CREDIT.  A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE
TAX IMPOSED BY THIS  ARTICLE  FOR  THE  COST  OF  MATERIAL  INCURRED  IN
CONNECTION WITH THE INSTALLATION OF CERTIFIED SUSTAINABLY HARVESTED WOOD
PRODUCTS IN HIS OR HER PRINCIPAL RESIDENCE, IF SUCH RESIDENCE IS LOCATED
IN  THIS  STATE.    THE  AMOUNT  OF  THE CREDIT SHALL BE EQUAL TO TWENTY
PERCENT OF THE MATERIAL COST OF SUCH FLOORING.
  (2) MULTIPLE TAXPAYERS. IF THE PRINCIPAL RESIDENCE IS SHARED BY TWO OR
MORE TAXPAYERS, THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION
FOR EACH SUCH ELIGIBLE TAXPAYER  SHALL  BE  PRORATED  ACCORDING  TO  THE
PERCENTAGE OF THE TOTAL EXPENDITURE INCURRED BY EACH TAXPAYER.
  (3)  APPLICATION  OF CREDIT. IF THE AMOUNT OF THE CREDIT ALLOWED UNDER
THIS SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
CREDITED  OR  REFUNDED  IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX
HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO  INTEREST
SHALL BE PAID THEREON.
  (4)  THE  TERM  "CERTIFIED SUSTAINABLY HARVESTED WOOD PRODUCTS" MEANS,
FOR PURPOSES OF THIS SUBSECTION, WOOD FLOORING THAT HAS  BEEN  CERTIFIED
TO  BE  IN COMPLIANCE WITH THE STANDARDS ENDORSED BY THE FOREST STEWARD-
SHIP COUNCIL OR SUSTAINABLE FORESTRY INITIATIVE  OR  OTHER  THIRD  PARTY
INDEPENDENT CERTIFICATION ENTITY, WHICH THE COMMISSIONER IN CONSULTATION

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10887-04-9
              

A. 7588--A                          2

WITH THE COMMISSIONER OF ENVIRONMENTAL CONSERVATION, DETERMINES SUSTAIN-
ABLE  FORESTRY  PRACTICES  ARE  ASSURED  THROUGH  EXTENSIVE FOREST REGU-
LATIONS,  EFFECTIVE  ENFORCEMENT  AND  AN  OPEN,  DEMOCRATIC  GOVERNANCE
SYSTEM.
  S 2. Section 210 of the tax law is amended by adding a new subdivision
41 to read as follows:
  41.  CREDIT  FOR  PURCHASE  OF  CERTIFIED  SUSTAINABLY  HARVESTED WOOD
PRODUCTS. (A) A TAXPAYER SHALL BE  ALLOWED  A  CREDIT  AGAINST  THE  TAX
IMPOSED  BY THIS ARTICLE FOR THE COST OF MATERIAL INCURRED IN CONNECTION
WITH THE INSTALLATION OF CERTIFIED SUSTAINABLY HARVESTED  WOOD  PRODUCTS
IN  REAL  PROPERTY LOCATED IN THIS STATE. THE AMOUNT OF THE CREDIT SHALL
BE EQUAL TO TWENTY PERCENT OF THE MATERIAL COST OF  SUCH  FLOORING.  THE
CREDIT  ALLOWED UNDER THIS SUBDIVISION FOR ANY YEAR SHALL NOT REDUCE THE
TAX DUE FOR SUCH YEAR TO LESS THAN THE HIGHER OF THE AMOUNTS  PRESCRIBED
IN PARAGRAPHS (C) AND (D) OF SUBDIVISION ONE OF THIS SECTION. IF, HOWEV-
ER,  THE AMOUNT OF CREDIT ALLOWABLE UNDER THIS SUBDIVISION FOR ANY TAXA-
BLE YEAR REDUCES THE TAX TO SUCH AMOUNT, ANY AMOUNT OF CREDIT NOT DEDUC-
TIBLE IN SUCH TAXABLE YEAR MAY BE CARRIED OVER TO THE FOLLOWING YEAR  OR
YEARS  AND  MAY  BE  DEDUCTED  FROM  THE TAXPAYER'S TAX FOR SUCH YEAR OR
YEARS.
  (B) THE TERM "CERTIFIED SUSTAINABLY HARVESTED  WOOD  PRODUCTS"  MEANS,
FOR  PURPOSES  OF THIS SUBSECTION, WOOD FLOORING THAT HAS BEEN CERTIFIED
TO BE IN COMPLIANCE WITH THE STANDARDS ENDORSED BY THE  FOREST  STEWARD-
SHIP  COUNCIL  OR  SUSTAINABLE  FORESTRY INITIATIVE OR OTHER THIRD PARTY
INDEPENDENT CERTIFICATION ENTITY, WHICH THE COMMISSIONER IN CONSULTATION
WITH THE COMMISSIONER OF ENVIRONMENTAL CONSERVATION, DETERMINES SUSTAIN-
ABLE FORESTRY PRACTICES  ARE  ASSURED  THROUGH  EXTENSIVE  FOREST  REGU-
LATIONS,  EFFECTIVE  ENFORCEMENT  AND  AN  OPEN,  DEMOCRATIC  GOVERNANCE
SYSTEM.
  S 3. This act shall take effect immediately.