Senate Bill S236

2009-2010 Legislative Session

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

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Sponsored By

Archive: Last Bill Status - In Senate Committee Investigations And Government Operations Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S236 (ACTIVE) - Details

See Assembly Version of this Bill:
A342
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: S817, A513
2013-2014: S4734, A6803
2015-2016: S1877, A2016
2017-2018: S4814, A6300

2009-S236 (ACTIVE) - Summary

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

2009-S236 (ACTIVE) - Sponsor Memo

2009-S236 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

    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

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