N.Y. TAX Law § 47*2 — New York Code / Act TAX / Article 1 / Section 47*2
Grade no
Status: in_force

* § 47. Grade no. 6 heating oil conversion tax credit. (a) (1)\nAllowance of credit. A taxpayer that meets the eligibility requirements\nof subdivision (b) of this section and is subject to tax under article\nnine-A or twenty-two of this chapter may be eligible to claim a grade\nno. 6 heating oil conversion tax credit in the taxable year the\nconversion is complete. The credit shall be equal to fifty percent of\nthe conversion costs for all of the taxpayer's buildings located at a\nfacility regulated pursuant to section 19-0302 or title ten of article\nseventeen of the environmental conservation law, paid by such taxpayer\non or after January first, two thousand twenty-two and before January\nfirst, two thousand twenty-four. The credit cannot exceed five hundred\nthousand dollars per facility.\n  (2) A taxpayer that is a partner in a partnership, member of a limited\nliability company or shareholder in a subchapter S corporation shall be\nallowed its pro rata share of the credit earned by the partnership,\nlimited liability company or subchapter S corporation that meets the\neligibility criteria described in subdivision (b) of this section to\nclaim a grade no. 6 heating oil conversion tax credit. In no event may\nthe total amount of the credit earned by the partnership, limited\nliability company or subchapter S corporation exceed five hundred\nthousand dollars for all buildings located at a New York state\ndepartment of environmental conservation regulated facility.\n  (3) No cost or expense paid or incurred by the taxpayer that is\nincluded as part of the calculation of this credit shall be the basis of\nany other tax credit allowed under this chapter.\n  (b) Eligibility criteria. (1) To be eligible to claim a grade no. 6\nheating oil conversion tax credit, a business entity must:\n  (i) incur expenses for the conversion from grade no. 6 heating oil\nfuel, as described as "conversion costs" in paragraph (1) of subdivision\n(c) of this section, to biodiesel heating oil or a geothermal system at\nany building located in New York state outside the city of New York;\n  (ii) submit an application to and obtain approval of such application\nby the New York state energy research and development authority\ndescribing the conversion and approved costs to complete such\nconversion;\n  (iii) not be principally engaged in the generation or distribution of\nelectricity, power or energy;\n  (iv) be in compliance with all environmental conservation laws and\nregulations; and\n  (v) not owe past due state taxes unless the business entity is making\npayments and complying with an approved binding payment agreement\nentered into with the taxing authority.\n  (c) Definitions. As used in this section the following terms shall\nhave the following meanings:\n  (1) Conversion costs means the equipment and labor costs associated\nwith the design, installation and use of space heating and other energy\nconversion systems that are designed to or accommodate the use of\nbiodiesel fuel or a geothermal system and, at the option of the\ntaxpayer, the costs of completing an ASHRAE level 2 energy audit\nincluding assessment of electrification options.\n  (2) Biodiesel means a minimum blend of eighty-five (85) percent\nbiodiesel, defined as fuel manufactured from vegetable oils, animal\nfats, or other agricultural or other products or by-products, with\npetrodiesel fuel commonly used for heating systems.\n  (3) Geothermal means a system that uses the ground or ground water as\na thermal energy source/sink to heat or cool a building or provide hot\nwater within the building.\n  (4) A New York state department of environmental conservation\nregulated facility is a facility regulated pursuant to section 19-0302\nor title ten of article seventeen of the environmental conservation law.\n  (d) The commissioner, in consultation with the New York state energy\nresearch and development authority, will develop an application process\nto certify the expenses necessary for the conversion and a taxpayer will\nnot be eligible to claim the credit unless it has completed that\napplication process and the application has been approved by the New\nYork state energy research and development authority.\n  (e) Information sharing. The department, the department of\nenvironmental conservation and the New York state energy research and\ndevelopment authority shall be allowed and are directed to share and\nexchange information regarding the information contained on the credit\napplication for claiming the grade no. 6 heating oil conversion tax\ncredit and such information exchanged between the department, the\ndepartment of environmental conservation and the New York state energy\nresearch and development authority shall not be subject to disclosure or\ninspection under the state's freedom of information law.\n  (f) Cross references. For application of the credit provided for in\nthis section, see the following provisions of this chapter:\n  (1) article 9-A: section 210-B, subdivision 58;\n  (2) article 22: section 606, subsection (nnn).\n  * NB There are 3 § 47's\n