Senate Bill S7864

2017-2018 Legislative Session

Relates to establishing a residential fuel oil storage tank credit

download bill text pdf

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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2017-S7864 (ACTIVE) - Details

See Assembly Version of this Bill:
A10033
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:
2019-2020: S3729, A5522
2021-2022: S5171, A5807
2023-2024: S2259, A3860

2017-S7864 (ACTIVE) - Summary

Establishes a residential fuel oil storage tank credit and directs the office of temporary and disability assistance to establish a program to assist eligible households in the replacement of residential fuel oil storage tanks.

2017-S7864 (ACTIVE) - Sponsor Memo

2017-S7864 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7864
 
                             I N  S E N A T E
 
                               March 5, 2018
                                ___________
 
 Introduced  by  Sens. LAVALLE, O'MARA -- read twice and ordered printed,
   and when printed to be committed to the  Committee  on  Investigations
   and Government Operations
 
 AN  ACT  to amend the tax law, in relation to establishing a residential
   fuel oil storage tank credit and to direct the office of temporary and
   disability assistance to establish a program to assist eligible house-
   holds in the replacement of residential fuel oil storage tanks
 
   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 FAMILY, TWO FAMILY,  THREE  FAMILY  AND  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
 MAY BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS AND MAY  BE  DEDUCTED
 FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14954-01-8
              

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