2020 New York Laws
TAX - Tax
Article 1 - Short Title; Definitions; Miscellaneous
28*2 - Biofuel Production Credit.

* §  28. Biofuel production credit. (a) General. A taxpayer subject to
tax under article nine, nine-A or twenty-two of this  chapter  shall  be
allowed  a credit against such tax pursuant to the provisions referenced
in subdivision (d) of this section. The credit (or  pro  rata  share  of
earned  credit  in the case of a partnership) for each gallon of biofuel
produced at a biofuel plant on or after January first, two thousand  six
shall  equal  fifteen cents per gallon after the production of the first
forty thousand gallons per year presented to market.  The  credit  under
this  section  shall  be  capped at two and one-half million dollars per
taxpayer per taxable year for  up  to  no  more  than  four  consecutive
taxable  years  per  biofuel  plant.  If  the taxpayer is a partner in a
partnership or shareholder of a New York S  corporation,  then  the  cap
imposed  by the preceding sentence shall be applied at the entity level,
so that the aggregate credit allowed to all the partners or shareholders
of each such entity in the taxable year does not exceed two and one-half
million dollars. The tax credit allowed pursuant to this  section  shall
apply  to  taxable  years  beginning  before January first, two thousand
twenty.
  (b) Definitions. For the purpose of this section, the following  terms
shall have the following meanings:
  (1)  "Biofuel"  means a fuel which includes biodiesel and ethanol. The
term "biodiesel" shall mean a fuel comprised exclusively  of  mono-alkyl
esters  of  long chain fatty acids derived from vegetable oils or animal
fats, designated  B100,  which  meets  the  specifications  of  American
Society  of  Testing  and  Materials  designation  D  6751-02.  The term
"ethanol" shall mean ethyl alcohol manufactured in the United States and
its territories and sold (i) for fuel use and which  has  been  rendered
unfit  for  beverage use in a manner and which is produced at a facility
approved by the federal bureau of alcohol, tobacco and firearms for  the
production  of  ethanol  for  fuel, or (ii) as denatured ethanol used by
blenders and refiners which has been rendered unfit  for  beverage  use.
The  term  "biofuel" may also include any other standard approved by the
New York state energy and research development authority.
  (2) "Biofuel plant" means a commercial facility located  in  New  York
state at which one or more biofuels are produced.
  (c) Reporting requirements. A taxpayer wishing to claim a credit under
this section shall annually certify to the commissioner (i) that biofuel
produced  at the eligible biofuel plant meets all existing standards for
biofuel and (ii) the amount of biofuel produced at the eligible  biofuel
plant during a taxable year.
  (d)  Cross-references.  For  application of the credit provided for in
this section, see the following provisions of this chapter:
  (1) Article 9: Section 187-c.
  (2) Article 9-A: Section 210-B, subdivision 24.
  (3) Article 22: Section 606, subsections (i) and (jj).
  * NB There are 2 § 28's