Bill > A05522

This bill establishes a residential fuel oil storage tank credit, which allows taxpayers to claim a credit of up to $500 for the costs of removing or permanently closing an existing below-ground or above-ground residential fuel oil tank and installing a new tank that meets specific design requirements approved by Underwriters Laboratories (UL). The bill also directs the Office of Temporary and Disability Assistance to develop a program using the Heating Energy Assistance Program (HEAP) to assist eligible households in removing, permanently closing, and replacing existing fuel oil storage tanks, with the same tank design requirements as the tax credit.