NY State Senate Bill 2015-S1877

Senate Bill S1877

2015-2016 Legislative Session

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

download bill text pdf

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2016	referred to investigations and government operations
May 19, 2015	reported and committed to finance
Jan 15, 2015	referred to investigations and government operations

Votes

- May 19, 2015 - Investigations And Government Operations Committee Vote
  S1877
  
  7
  
  Aye
  
  0
  
  Nay
  
  2
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Investigations And Government Operations Committee Vote: May 19, 2015
      
      aye (7)
      
      Carlucci
      
      Diaz
      
      Golden
      
      Marcellino
      
      Murphy
      
      Nozzolio
      
      O'Mara
      
      aye wr (2)
      
      Hoylman-Sigal
      
      Squadron

2015-S1877 (ACTIVE) - Details

See Assembly Version of this Bill:: A2016
Current Committee:: Senate Investigations And Government Operations
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S236, A342
2011-2012: S817, A513
2013-2014: S4734, A6803
2017-2018: S4814, A6300

2015-S1877 (ACTIVE) - Summary

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

2015-S1877 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S1877                Revised 02/26/15

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 closure of a resi-
dential fuel oil storage tank credit.

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 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  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
unprotected or neglected below ground or above ground  residential  fuel
oil storage tank

LEGISLATIVE HISTORY:

2013-14 S.4734/A.6803;
2011-12 S.817;
2009-10 S.236/A.32;

2007-08 S146/A.184;
2005-06 S3144-A/A.4609A.

FISCAL IMPLICATIONS:

Estimated annual revenue loss of $1M.

EFFECTIVE DATE:

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.

2015-S1877 (ACTIVE) - Bill Text download pdf

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

    S. 1877                                                  A. 2016

                       2015-2016 Regular Sessions

                      S E N A T E - A S S E M B L Y

                            January 15, 2015
                               ___________

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07191-01-5

S. 1877                             2                            A. 2016

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.

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