NY S04065

Creates a tax credit of $1.00 per gallon for sustainable aviation fuel (SAF) purchased in New York for flights departing from the state, with an additional $0.02 per gallon for each 1% carbon dioxide emission reduction above 50%, up to a maximum of $2.00 per gallon

Defines sustainable aviation fuel as liquid fuel derived from biomass, waste streams, renewable energy sources, or gaseous carbon oxides that meets ASTM International standards and achieves at least 50% lifecycle greenhouse gas emissions reduction compared to petroleum-based jet fuel

Caps the total tax credits issued at $30 million per year, with the New York State Energy Research and Development Authority (NYSERDA) responsible for issuing certificates to eligible taxpayers

Requires aviation fuel producers to report monthly to the Department of Taxation and Finance on SAF sales within the state, with reports made publicly available online

Applies to taxable years beginning on or after January 1, 2025, and allows excess credits beyond tax liability to be refunded to taxpayers