NY A09525

Renames tax law section 28 to section 42 and expands the biofuel production credit to include cellulosic ethanol, densified biofuel, and renewable fuel oil in addition to existing biodiesel and ethanol.

Increases credit rate to 25 cents per gallon for cellulosic ethanol and renewable fuel oil (versus 15 cents for other liquid biofuels) and establishes 15 dollars per bone dry ton for densified biofuel, both after threshold production amounts.

Raises the annual credit cap from $2.5 million to $10 million per taxpayer per taxable year and extends the allowable credit period from four consecutive years to ten consecutive years per biofuel plant.

Requires facilities producing cellulosic ethanol, renewable fuel oil, or densified biofuel to be treated as separate biofuel plants for credit purposes, with the New York State Energy and Research Development Authority determining feedstock eligibility.

Makes the tax credit applicable to taxable years beginning before January 1, 2020 across all tax articles (corporate, partnership, S corporation, and personal income taxes).