Assembly Bill A4756

2023-2024 Legislative Session

Relates to establishing a residential fuel oil storage tank credit

download bill text pdf

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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

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2023-A4756 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L
Versions Introduced in 2021-2022 Legislative Session:
A9083

2023-A4756 (ACTIVE) - Summary

Provides a tax credit for costs associated with the removal or permanent closure of a below-ground residential fuel oil storage tank used to provide heating fuel for single- to four-family residences.

2023-A4756 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4756
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 23, 2023
                                ___________
 
 Introduced by M. of A. LAVINE -- 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 providing for  the  repeal  of  such
   provisions upon the expiration thereof

   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 FOR THE REMOVAL OR PERMANENT
 CLOSURE OF A BELOW-GROUND RESIDENTIAL FUEL  OIL  STORAGE  TANK  USED  TO
 PROVIDE  HEATING  FUEL  FOR SINGLE- TO FOUR-FAMILY RESIDENCES LOCATED IN
 NEW YORK.
   (2) AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT IS EQUAL TO THE SUM OF:
   (A) THE COSTS OF REMOVAL OF AN EXISTING BELOW-GROUND RESIDENTIAL  FUEL
 OIL TANK, NOT TO EXCEED FIVE HUNDRED DOLLARS; OR
   (B) THE COSTS OF PERMANENTLY CLOSING AN EXISTING BELOW-GROUND RESIDEN-
 TIAL FUEL OIL TANK, 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.
   §  2.  This  act shall take effect immediately and shall expire and be
 deemed repealed 5 years after such effective date.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03281-01-3

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