Loading chat...
NY A04856
Bill
Status
2/6/2009
Primary Sponsor
Marc Alessi
Click for details
AI Summary
-
Allows farmers principally engaged in farming to claim a tax credit against state income tax for purchasing biodiesel fuel used in farm equipment
-
Tax credit equals $0.01 per percent of biodiesel content per gallon, with a maximum credit of $0.20 per gallon purchased
-
Defines biodiesel as monoalkyl esters of long chain fatty acids derived from vegetable oils or animal fats meeting ASTM specification D 6751
-
Excess credits exceeding a taxpayer's annual tax liability are treated as overpayments and refunded without interest
-
Applies to both general business taxpayers and individual farmers whose federal gross income from farming equals at least two-thirds of their excess federal gross income
Legislative Description
An act to amend the tax law, in relation to providing a tax credit to farmers who purchase biodiesel fuel for the operation of their farm equipment
Last Action
held for consideration in ways and means
7/1/2010