Bill > S04704

This bill repeals Section 28 of the New York tax law, which previously provided a biofuel production credit. The biofuel production credit was a tax incentive designed to encourage the production of biofuels, which are renewable fuels derived from biological materials like crops, agricultural waste, or other organic sources. By repealing this section, the bill effectively eliminates the tax credit for biofuel producers in New York state. The repeal will take effect on the first day of January following the bill's enactment and will apply to taxable years beginning on or after that date. The bill also allows for the immediate preparation of any necessary rules or regulations to implement this change. This suggests that the state may no longer wish to provide financial incentives for biofuel production, potentially due to changes in energy policy, economic considerations, or shifts in renewable energy strategies.

Transportation and Infrastructure

https://www.nysenate.gov/legislation/bills/2025/S4704