New York S 2316: Provides a tax credit for farmers who use qualified biodiesel fuel for the sole operation of their farm equipment

Bill Text

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S02316 Summary:

BILL NOS02316 

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SAME ASNo Same As

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SPONSORORTT

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COSPNSR

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MLTSPNSR

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Amd §§210-B & 606, Tax L

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Provides a tax credit for farmers who use qualified biodiesel fuel for the sole operation of their farm equipment.

Go to top S02316 Actions:

BILL NOS02316 

&nbsp

01/16/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS02316 Committee&nbspVotes:

Go to topS02316 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS02316 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2316

 2025-2026 Regular Sessions

 IN SENATE

 January 16, 2025
 ___________

 Introduced by Sen. ORTT -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 AN ACT to amend the tax law, in relation to providing a tax credit to
 farmers who purchase biodiesel fuel for the operation of their farm
 equipment

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 210-B of the tax law is amended by adding a new
 2 subdivision 61 to read as follows:
 3 61. Credit for biodiesel fuel used in farming equipment. (a) Allow-
 4 ance of credit. A taxpayer that is a business principally engaged in
 5 farming, as such term is defined in paragraph nineteen of subdivision
 6 (b) of section eleven hundred one of this chapter shall be allowed a
 7 credit against the tax imposed by this article for the purchase of
 8 qualified biodiesel fuel to be used in farming equipment in this state.
 9 Such credit shall be $0.01 per percent of biodiesel per gallon of quali-
 10 fied biodiesel fuel, not to exceed twenty cents per gallon, purchased by
 11 such taxpayer during the taxable year and used in farming equipment.
 12 (b) For purposes of this subdivision, the following definitions shall
 13 apply:
 14 (1) "Biodiesel" shall mean a fuel comprised exclusively of monoalkyl
 15 esters of long chain fatty acids derived from vegetable oils or animal
 16 fats, designated B100, which meets the specifications of American Socie-
 17 ty of Testing and Materials designation D 6751.
 18 (2) "Qualified biodiesel" shall mean a fuel that is a mixture of biod-
 19 iesel and diesel motor fuel.
 20 (c) Application of credit. In no event shall the credit herein
 21 provided for be allowed in an amount which will reduce the tax payable
 22 to less than the amount prescribed in paragraph (d) of subdivision one
 23 of section two hundred ten of this article. However, if the amount of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05411-01-5

 S. 2316 2

 1 the credit allowed under this subdivision for any taxable year shall
 2 exceed the taxpayer's tax for such year, the excess shall be treated as
 3 an overpayment of tax to be credited or refunded in accordance with the
 4 provisions of section one thousand eighty-six of this chapter, provided,
 5 however, that no interest shall be paid on such refund, notwithstanding
 6 the provisions of subsection (c) of section one thousand eighty-eight of
 7 this chapter.
 8 § 2. Section 606 of the tax law is amended by adding a new subsection
 9 (bbb) to read as follows:
 10 (bbb) Credit for biodiesel fuel used in farming equipment. (1) Allow-
 11 ance of credit. A taxpayer whose federal gross income from farming for
 12 the taxable year is at least two-thirds of excess federal gross income
 13 shall be allowed a credit against the tax imposed by this article for
 14 the purchase of qualified biodiesel fuel to be used in farming equipment
 15 in this state. Such credit shall be $0.01 per percent of biodiesel per
 16 gallon of qualified biodiesel fuel, not to exceed twenty cents per
 17 gallon, purchased by such taxpayer during the taxable year and used in
 18 farming equipment.
 19 (2) Definitions. For purposes of this subsection, the following defi-
 20 nitions shall apply:
 21 (A) "Excess federal gross income" means the amount of federal gross
 22 income from all sources for the taxable year reduced by the sum (not to
 23 exceed thirty thousand dollars) of those ite