NY A08576

Allows tax deduction up to $1,000 per year for homeowners of one to three family homes who remove underground heating oil storage tanks and replace them with above ground tanks or alternative heating sources, limited to 50 percent of expenses.

Requires homeowners' insurance policies in New York to cover property damage and remediation costs from oil spills or leakage from underground heating oil tanks as insurable property damage under general liability portions, with exceptions only for named perils policies.

Requires homeowners' insurance policies to cover remediation costs from above ground heating oil tank spills or leakage when damage is not caused by homeowner's failure to reasonably inspect the tank.

Establishes a residential fuel oil storage tank credit of up to $500 against tax liability for removal of unprotected buried fuel oil tanks and installation of fiberglass, fiberglass-lined, above ground, or interior tanks meeting navigation law requirements, limited to one use per primary domicile.

Sections two and three expire and are repealed two years after the effective date; the act takes effect January 1 following enactment.