Bill > S00729

This bill introduces a tax credit for homeowners who purchase densified biomass fuel, which is a type of solid fuel made by mechanically compressing and refining biomass from woody or agricultural sources (such as wood pellets). The tax credit allows residents to claim 30% of their qualified densified biomass fuel expenditures as a credit against their state tax liability, specifically for fuel used to heat a dwelling unit located in New York State that serves as the taxpayer's residence or to heat water for use in that dwelling. If the credit amount exceeds the taxpayer's tax for the year, the excess will be treated as an overpayment and can be credited or refunded, though no interest will be paid on the refund. The bill is designed to incentivize the use of domestically manufactured biomass fuel and will remain in effect for five years from its effective date, after which it will automatically expire and be repealed.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S729