Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to ways and means |
Jan 23, 2023 |
referred to ways and means |
Assembly Bill A1886
2023-2024 Legislative Session
Sponsored By
WALKER
Current Bill Status - In Assembly 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
Actions
multi-Sponsors
Jo Anne Simon
2023-A1886 (ACTIVE) - Details
- See Senate Version of this Bill:
- S2584
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Tax Law
- Laws Affected:
- Ren §28 to be §38-a, amd §§38-a, 187-c, 606 & 210-B, Tax L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S7452
2015-2016: A8072, S2437
2017-2018: A6249, S2353, S6159
2019-2020: A6269, S1613
2021-2022: A4550, S3217
2023-A1886 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1886 2023-2024 Regular Sessions I N A S S E M B L Y January 23, 2023 ___________ Introduced by M. of A. WALKER -- Multi-Sponsored by -- M. of A. SIMON -- read once and referred to the Committee on Ways and Means AN ACT to amend the tax law, in relation to biofuel production credit for production of biomethane THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 28 of the tax law, as added by section 1 of part X of chapter 62 of the laws of 2006, is renumbered section 38-a. § 2. Subdivisions (a) and (b) of section 38-a of the tax law, subdivi- sion (a) as amended by section 1 of part K of chapter 59 of the laws of 2012, subdivision (b) as added by section 1 of part X of chapter 62 of the laws of 2006, such section as renumbered by section one of this act, are amended to read as follows: (a) General. A taxpayer subject to tax under article nine, nine-A or twenty-two of this chapter shall be allowed a credit against such tax pursuant to the provisions referenced in subdivision (d) of this section. The credit (or pro rata share of earned credit in the case of a partnership) for each gallon of biofuel produced at a biofuel plant on or after January first, two thousand six shall equal fifteen cents per gallon OR TWENTY-FIVE CENTS PER GALLON FOR PRODUCTION OF BIOMETHANE after the production of the first forty thousand gallons per year presented to market. The credit under this section shall be capped at two and one-half million dollars per taxpayer per taxable year for up to no more than four consecutive taxable years per biofuel plant. If the taxpayer is a partner in a partnership or shareholder of a New York S corporation, then the cap imposed by the preceding sentence shall be applied at the entity level, so that the aggregate credit allowed to all the partners or shareholders of each such entity in the taxable year does not exceed two and one-half million dollars. The tax credit allowed pursuant to this section shall apply to taxable years beginning before January first, two thousand twenty. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05582-01-3
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