NY A01523

Establishes a tax credit for qualified dyed diesel motor fuel storage property placed in service during the taxable year, equal to 15 percent of the cost for personal income tax purposes (up to $2,500 annually) and 25 percent for corporate franchise tax purposes (up to $500,000 annually including affiliated entities).

Defines qualified dyed diesel motor fuel storage property as tankage and associated piping designated exclusively for storage of dyed diesel motor fuel that complies with federal regulations (26 USC § 4082(a)), including equipment such as tank nozzles, heaters, insulation, electrical panels, piping, and safety equipment.

Restricts the credit to property located in New York State and excludes alternative fuel vehicle refueling property from eligibility.

Allows excess credits that reduce tax below the applicable minimum tax to be treated as overpayments refundable without interest.

Takes effect immediately upon enactment.