NY State Senate Bill 2021-S5171

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
Feb 25, 2021	referred to budget and revenue

2021-S5171 (ACTIVE) - Details

See Assembly Version of this Bill:: A5807
Current Committee:: Senate Budget And Revenue
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S7864, A10033
2019-2020: S3729, A5522
2023-2024: S2259, A3860

2021-S5171 (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.

2021-S5171 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S5171

SPONSOR: PALUMBO
 
TITLE OF BILL:

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

 
PURPOSE:

To re-establish w tax credit for the removal or permanent closure and
replacement of residential fuel oil tanks through the establishment of
the Residential Fuel Oil Storage Tank Credit.

 
SUMMARY OF PROVISIONS:

This bill amends section 606 of the tax law by adding a new section
(p-1) which would provide for a tax credit of up to $500 of the cost of
removing or permanently closing existing oil storage tanks and install-

ing new oil storage tanks at one, two, three or four family residences.
The credit would be allowed once per residence and could be carried over
in future tax years in the event that the taxpayer does not use all of
the credit in the first year. The replacement tanks must be Underwriters
Laboratories (U.L.) approved and be either double hulled or single
hulled inside a sealed leak proof (U.L) approved secondary containment
structure. The bill also directs that the Office of Temporary and Disa-
bility Assistance would be required to provide guidance and assistance
under the heating energy assistance program (HEAP).

 
JUSTIFICATION:

A ruptured or leaking residential fuel tank can constitute one of the
most destructive accidents for a homeowner and the surrounding communi-
ty. The ecological damage and cost of cleanup can be catastrophic. Prior
to 2003, a tax credit similar to the one proposed in this bill was
offered and well received. This legislation will extend again a finan-
cial incentive to homeowners to take that step to upgrade to safe fuel
oil storage tanks and avoid an environmental and personal catastrophe.

 
LEGISLATIVE HISTORY:

2020 S.3729/A.5522; 2018 S.7864/A.10033

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
Immediately.

2021-S5171 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 5171                                                  A. 5807
 
                        2021-2022 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                             February 25, 2021
                                ___________
 
 IN SENATE -- Introduced by Sen. PALUMBO -- read twice and ordered print-
   ed,  and  when  printed to be committed to the Committee on Budget and
   Revenue
 
 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 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD05779-01-1

 S. 5171                             2                            A. 5807
 
   (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.
   (5)  TO  QUALIFY  FOR  THE  CREDIT  ESTABLISHED  BY THIS SUBSECTION, A
 REPLACEMENT FUEL OIL STORAGE TANK MUST BE INSTALLED AND SHALL  BE  OF  A
 DESIGN APPROVED BY UNDERWRITERS LABORATORIES (U.L.), AS FOLLOWS:
   (A) U.L. 80: A STEEL TANK WITH A POLYURETHANE EXTERIOR COATING;
   (B) U.L. 80: A STEEL TANK WITH A DOUBLE-BOTTOM LEAK PROTECTION SYSTEM,
 WITH OR WITHOUT A POLYURETHANE EXTERIOR COATING;
   (C)  U.L.  80  STEEL  TANK,  WITHOUT  A POLYURETHANE EXTERIOR COATING,
 PROVIDED THAT SUCH TANK IS LOCATED INSIDE A SEALED, LEAK-PROOF SECONDARY
 CONTAINMENT STRUCTURE LISTED TO U.L.  2258  (NON-METALLIC  TUB  FOR  OIL
 TANKS),  WHEREIN SUCH STRUCTURE HAS A VOLUMETRIC CAPACITY OF 110% OF THE
 INSIDE TANK;
   (D) U.L. 2558: A DOUBLE WALL TANK CONSISTING OF AN INTERIOR  POLYETHY-
 LENE TANK PLACED INSIDE A SECONDARY LIQUID-TIGHT METALLIC TANK;
   (E) U.L. 2558: A SINGLE WALL OR DOUBLE WALL FIBERGLASS TANK; OR
   (F) U.L. 58 AND U.L. 1746-PART 1: A STEEL TANK INSTITUTE P-3 TANK WITH
 CATHODIC PROTECTION.
 A STANDARD UNPROTECTED SINGLE WALL OIL STORAGE TANK LISTED TO U.L. 80 IS
 NOT PERMITTED AS A REPLACEMENT TANK AND WILL NOT BE ELIGIBLE FOR THE TAX
 CREDIT PROVIDED HEREIN.
   § 2. The office of temporary and disability assistance shall develop a
 program utilizing the heating energy assistance program (HEAP) to assist
 eligible  households  to  remove/permanently  close and replace existing
 fuel oil storage tanks and to promulgate such regulations and apply  for
 such permissions and waivers from the United States government as may be
 necessary  to  do  so. To qualify for assistance, a replacement fuel oil
 storage tank must be installed and shall be of a design as specified  in
 paragraph (5) of subsection (p-1) of section 606 of the tax law.
   § 3. This act shall take effect immediately.

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Senate Bill S5171

Sponsored By

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

2021-S5171 (ACTIVE) - Details

2021-S5171 (ACTIVE) - Summary

2021-S5171 (ACTIVE) - Sponsor Memo

2021-S5171 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S5171

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Sponsored By

Anthony H. Palumbo

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

2021-S5171 (ACTIVE) - Details

2021-S5171 (ACTIVE) - Summary

2021-S5171 (ACTIVE) - Sponsor Memo

2021-S5171 (ACTIVE) - Bill Text download pdf

Comments