Bill > A00954

This bill provides a tax credit of up to 30% of qualified densified biomass fuel expenditures for resident owners of real property in New York. "Qualified densified biomass fuel expenditures" refers to the cost of densified biomass fuel, such as wood pellets, manufactured in the United States and used to heat a residential dwelling or heat water in such a dwelling. The tax credit can be claimed as an overpayment of tax and refunded, though no interest will be paid. The bill is effective immediately and will expire five years after the effective date.