NY State Senate Bill 2023-S2259

Current 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 03, 2024	referred to budget and revenue
Jan 19, 2023	referred to budget and revenue

2023-S2259 (ACTIVE) - Details

See Assembly Version of this Bill:: A3860
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
2021-2022: S5171, A5807

2023-S2259 (ACTIVE) - Summary

Establishes a residential fuel oil storage tank credit; 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.

2023-S2259 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S2259

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 a 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:

2022 S.5171/A.5807; 2020 S.3729/A.5522; 2018 S.7864/A.10033

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
Immediately.

2023-S2259 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2259
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 19, 2023
                                ___________
 
 Introduced  by  Sen. PALUMBO -- 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 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.
                                                            LBD03792-01-3

 S. 2259                             2
 
   (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 S2259

Sponsored By

Current Bill Status - In Senate Committee Budget And Revenue Committee

2023-S2259 (ACTIVE) - Details

2023-S2259 (ACTIVE) - Summary

2023-S2259 (ACTIVE) - Sponsor Memo

2023-S2259 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S2259

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Sponsored By

Anthony H. Palumbo

Current Bill Status - In Senate Committee Budget And Revenue Committee

2023-S2259 (ACTIVE) - Details

2023-S2259 (ACTIVE) - Summary

2023-S2259 (ACTIVE) - Sponsor Memo

2023-S2259 (ACTIVE) - Bill Text download pdf

Comments