Bill > S00192

This bill amends the tax law to provide a tax credit equal 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 manufactured in the United States and used to heat a dwelling unit or heat water for use in such a dwelling. "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 credit can be claimed as an overpayment of tax, but no interest will be paid on the excess. The provisions of the bill will expire and be repealed five years after the effective date.