NY S07147

Increases the biofuel production tax credit from 15 cents to 25 cents per gallon for cellulosic ethanol production, while maintaining 15 cents per gallon for other biofuels.

Defines cellulosic ethanol as ethanol produced from lignocellulosic biomass feedstocks not used for food production, including switchgrass, willow, agricultural and forestry residues, clean wood waste, and non-recyclable paper.

Requires the President of the New York State Energy and Research Development Authority to determine, in consultation with the Commissioners of Environmental Conservation and Agriculture and Markets, whether any feedstock qualifies as eligible cellulosic ethanol material.

Treats facilities producing cellulosic ethanol as separate biofuel plants for purposes of the tax credit cap, allowing each plant to claim up to $2.5 million in credits per year for up to four consecutive years.

Applies the tax credit to taxable years beginning before January 1, 2020, and renames the statutory section governing the credit from section 28 to section 37.