New York S 3252: Relates to establishing a residential fuel oil storage tank credit

Bill Text

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S03252 Summary:

BILL NOS03252 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORPALUMBO

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §606, Tax L

&nbsp

Establishes a residential fuel oil storage tank credit; directs the office of temporary and disability assistance to establish a program to assist eligible households in the replacement of residential fuel oil storage tanks.

Go to top S03252 Actions:

BILL NOS03252 

&nbsp

01/24/2025REFERRED TO BUDGET AND REVENUE

01/07/2026REFERRED TO BUDGET AND REVENUE

Go to topS03252 Committee&nbspVotes:

Go to topS03252 Floor&nbspVotes:

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

Go to topS03252 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3252

 2025-2026 Regular Sessions

 IN SENATE

 January 24, 2025
 ___________

 Introduced by Sen. PALUMBO -- read twice and ordered printed, and when
 printed to be committed to the Committee on Budget and Revenue

 AN ACT to amend the tax law, in relation to establishing a residential
 fuel oil storage tank credit and to direct the office of temporary and
 disability assistance to establish a program to assist eligible house-
 holds in the replacement of residential fuel oil storage tanks

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

 1 Section 1. Section 606 of the tax law is amended by adding a new
 2 subsection (p-1) to read as follows:
 3 (p-1) Residential fuel oil storage tank credit. (1) Allowance of cred-
 4 it. A taxpayer shall be allowed a credit, to be computed as hereinafter
 5 provided, against the tax imposed by this article for the removal or
 6 permanent closure and installation of a below-ground or above-ground
 7 residential fuel oil storage tank used to provide heating fuel for
 8 single family, two family, three family and four family residences
 9 located in this state.
 10 (2) Amount of credit. The amount of the credit shall be equal to the
 11 costs of removal or permanent closure of an existing below-ground or
 12 above-ground residential fuel oil tank and the purchase and installation
 13 costs of a new below-ground or above-ground residential fuel oil storage
 14 tank which is installed during the taxable year where such new tank is
 15 used in place of such formerly used below-ground or above-ground resi-
 16 dential fuel oil tank which was removed or permanently closed during the
 17 taxable year, not to exceed five hundred dollars.
 18 (3) Limitation. A credit allowed under this subsection may be allowed
 19 only once with respect to a particular residence.
 20 (4) Carryover. If the amount of the credit allowable under this
 21 subsection exceeds the taxpayer's tax for any taxable year, the excess
 22 may be carried over to the following year or years and may be deducted
 23 from the taxpayer's tax for such year or years.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06199-01-5

 S. 3252 2

 1 (5) To qualify for the credit established by this subsection, a
 2 replacement fuel oil storage tank must be installed and shall be of a
 3 design approved by Underwriters Laboratories (U.L.), as follows:
 4 (A) U.L. 80: A steel tank with a polyurethane exterior coating;
 5 (B) U.L. 80: A steel tank with a double-bottom leak protection system,
 6 with or without a polyurethane exterior coating;
 7 (C) U.L. 80 steel tank, without a polyurethane exterior coating,
 8 provided that such tank is located inside a sealed, leak-proof secondary
 9 containment structure listed to U.L. 2258 (non-metallic tub for oil
 10 tanks), wherein such structure has a volumetric capacity of 110% of the
 11 inside tank;
 12 (D) U.L. 2558: A double wall tank consisting of an interior polyethy-
 13 lene tank placed inside a secondary liquid-tight metallic tank;
 14 (E) U.L. 2558: A single wall or double wall fiberglass tank; or
 15 (F) U.L. 58 and U.L. 1746-Part 1: A Steel Tank Institute P-3 tank with
 16 cathodic protection.
 17 A standard unprotected single wall oil storage tank listed to U.L. 80 is
 18 not permitted as a replacement tank and will not be eligible for the tax
 19 credit provided herein.
 20 § 2. The office of temporary and disability assistance shall develop a
 21 program utilizing the