Bill > S03252

This bill establishes a tax credit for homeowners in New York who replace their residential fuel oil storage tanks with newer, safer models. Specifically, the bill provides a tax credit of up to $500 for homeowners who remove an existing below-ground or above-ground fuel oil tank and replace it with a new tank that meets specific Underwriters Laboratories (U.L.) safety standards. The credit can only be claimed once per residence and can be carried over to future tax years if the full credit amount cannot be used in a single year. The bill also directs the Office of Temporary and Disability Assistance to develop a program through the Heating Energy Assistance Program (HEAP) to help eligible households replace their fuel oil tanks. The approved replacement tanks must meet stringent safety specifications, including various types of steel, polyethylene, fiberglass, and double-wall tank designs with protective coatings or secondary containment structures. Standard unprotected single-wall tanks will not qualify for the credit. The goal of the bill appears to be improving safety and preventing potential environmental hazards from aging or deteriorating fuel oil storage tanks in residential settings.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S3252