Bill > A00497

This bill creates a tax credit for a portion of the cost of qualified densified biomass fuel expenditures. Densified biomass fuel is defined as a solid fuel derived from the mechanical densification and refining of biomass sourced from woody or agricultural feedstocks, including wood pellets. The tax credit is available to resident owners of real property in New York who use this type of fuel to heat their dwelling unit or heat water for the dwelling unit. The credit is equal to 30% of the qualified expenditures and any excess credit can be treated as an overpayment of tax to be credited or refunded. The provisions of the bill will expire and be repealed five years after the effective date.