NY State Senate Bill 2021-S1699

Archive: Last Bill Status - In Senate Committee Budget And Revenue 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2022	referred to budget and revenue
Jan 14, 2021	referred to budget and revenue

2021-S1699 (ACTIVE) - Details

See Assembly Version of this Bill:: A497
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S5439, A8047
2019-2020: S830, A954
2023-2024: S192, A1458

2021-S1699 (ACTIVE) - Summary

Relates to providing a tax credit for densified biomass fuel expenditures; defines "qualified densified biomass fuel expenditures" and "densified biomass fuel".

2021-S1699 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S1699

SPONSOR: GALLIVAN
 
TITLE OF BILL:

An act to amend the tax law, in relation to providing a tax credit for a
portion of the cost of qualified densified biomass fuel expenditures;
and providing for the repeal of such provisions upon expiration thereof

 
PURPOSE:

This bill creates a tax credit for the purchase of biomass fuel for
residential use, typically wood pellets for use in a wood pellet boiler.

 
SUMMARY OF PROVISIONS:

Section 1. Amends the tax law to add a new subsection that permits a
resident owner of real property to claim a tax credit in an amount equal
to thirty percent of qualified biomass fuel expenditures; defines "qual-
ified biomass fuel expenditures" and "biomass fuel" accordingly.

Section 2. Sets forth the effective date and expiration of the aforemen-
tioned tax credit.

 
JUSTIFICATION:

Wood-fueled heating systems, also called biomass systems, burn wood
pellets, chips or logs to provide warmth in a single room or to power
central heating and hot water boilers. Heating a home with a wood pellet
boiler has a number of advantages over heating with traditional fossil
fuels. Wood pellets cost as much as 60% less than traditional heating
fuel sources, and are a sustainable, renewable, and carbon-neutral fuel
source. Wood pellets are produced in a number of locations throughout
North America, with multiple producers located within New York State.

Almost any home can be converted to utilize a wood pellet boiler, either
as a stand-alone heat source or as a primary heat source in conjunction
with a secondary backup boiler. NYSERDA currently offers a number of
incentives for residential homeowners to install wood pellet boilers to
heat their homes and convert from more traditional electric and/or gas
heat. However, such incentives are not applicable for the purchase of
fuel to use in these boilers once installed. This bill would create a
tax credit for resident owners of real property under the tax law for
fuel expenditures, incentivizing New Yorkers to install and use biomass
fuel to heat their homes, which in turn could continue to drive the
state toward record uses of renewable energy.

 
LEGISLATIVE HISTORY:

2019-20: S.830/A.954 Referred to Investigations and Government
Operations/Referred to Ways and Means
2017-18: S.5439B/A.8047A Referred to Investigations and Government
Operations/Referred to Ways and Means

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall expire and be deemed
repealed five years after such effective date.

2021-S1699 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1699
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 14, 2021
                                ___________
 
 Introduced  by Sen. GALLIVAN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Budget and Revenue
 
 AN ACT to amend the tax law, in relation to providing a tax credit for a
   portion of the cost of qualified densified biomass fuel  expenditures;
   and providing for the repeal of such provisions upon expiration there-
   of
 
   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 (kkk) to read as follows:
   (KKK)  CREDIT  FOR QUALIFIED DENSIFIED BIOMASS FUEL EXPENDITURES.  (1)
 ANY RESIDENT OWNER OF REAL PROPERTY AS DEFINED IN  SECTION  ONE  HUNDRED
 TWO  OF  THE REAL PROPERTY TAX LAW SHALL BE ALLOWED A CREDIT AGAINST THE
 TAX IMPOSED UNDER THIS ARTICLE IN AN AMOUNT EQUAL TO THIRTY  PERCENT  OF
 QUALIFIED DENSIFIED BIOMASS FUEL EXPENDITURES.
   (2)  FOR  PURPOSES OF THIS SUBSECTION, THE FOLLOWING DEFINITIONS SHALL
 APPLY:
   (A) "QUALIFIED DENSIFIED BIOMASS FUEL EXPENDITURES" SHALL MEAN EXPEND-
 ITURES FOR THE COST OF  DENSIFIED  BIOMASS  FUEL,  MANUFACTURED  IN  THE
 UNITED  STATES  OF  AMERICA, AND USED TO HEAT A DWELLING UNIT LOCATED IN
 THE STATE AND USED AS A RESIDENCE BY THE TAXPAYER, OR TO HEAT WATER  FOR
 USE IN SUCH A DWELLING UNIT.
   (B)  "DENSIFIED  BIOMASS  FUEL" SHALL MEAN A SOLID FUEL DERIVED BY THE
 MECHANICAL DENSIFICATION AND REFINING OF BIOMASS SOURCED FROM  WOODY  OR
 AGRICULTURAL FEEDSTOCKS. SUCH TERM SHALL INCLUDE WOOD PELLETS.
   (3)  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.
   § 2. This act shall take effect immediately and shall  expire  and  be
 deemed repealed five years after such effective date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD04169-01-1

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Senate Bill S1699

Sponsored By

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

2021-S1699 (ACTIVE) - Details

2021-S1699 (ACTIVE) - Summary

2021-S1699 (ACTIVE) - Sponsor Memo

2021-S1699 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S1699

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Sponsored By

Patrick M. Gallivan

Archive: Last Bill Status - In Senate Committee Budget And Revenue Committee

2021-S1699 (ACTIVE) - Details

2021-S1699 (ACTIVE) - Summary

2021-S1699 (ACTIVE) - Sponsor Memo

2021-S1699 (ACTIVE) - Bill Text download pdf

Comments