NY State Senate Bill 2017-S4814

Senate Bill S4814

2017-2018 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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2018	referred to investigations and government operations
Mar 02, 2017	referred to investigations and government operations

2017-S4814 (ACTIVE) - Details

See Assembly Version of this Bill:: A6300
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
2015-2016: S1877, A2016

2017-S4814 (ACTIVE) - Summary

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

2017-S4814 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S4814

 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
residential 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 :

2015-16 S.1877/A.2016;
2013-14 S.4734/A.6803;
2011-12 S.817;
2009-10 S.236/A.32;
2007-08, S146/A.184;
2005-06, S.3144-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.

2017-S4814 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 4814                                                  A. 6300
 
                        2017-2018 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                               March 2, 2017
                                ___________
 
 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.
                                                            LBD08099-01-7

 S. 4814                             2                            A. 6300
 
 MAY  BE  CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY BE DEDUCTED
 FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
   §  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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