N.Y. Tax Law § 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