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

                                  7294

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             April 28, 2011
                               ___________

Introduced  by  M.  of  A.  SCHIMMINGER -- read once and referred to the
  Committee on Ways and Means

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 (tt) to read as follows:
  (TT)  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
WITH THE COMMISSIONER OF ENVIRONMENTAL CONSERVATION, DETERMINES SUSTAIN-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11139-01-1
              

A. 7294                             2

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
44 to read as follows:
  44.  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.