BILL NUMBER: S4065
SPONSOR: PARKER
 
TITLE OF BILL:
An act to amend the environmental conservation law and the tax law, in
relation to establishing a five-year clean fuel standard pilot program
in New York state
 
PURPOSE OR GENERAL IDEA OF BILL:
AN ACT to amend the environmental conservation law and the tax law, in
relation to establishing a five-year clean fuel standard pilot program
in New York state
 
SUMMARY OF PROVISIONS:
Section 1. The environmental conservation law is amended by adding a new
section 3-0322 to read as follows: § 3-0322. Sustainable aviation fuel
tax credit.
Section 2 The tax law is amended by adding a new section 50 to read as
27 follows: 01/30/25 5 08509-01-5 1 § 50. Sustainable aviation fuel tax
credit. (a) Allowance of credit. For taxable years beginning on or after
January first, two thousand twenty-five, a taxpayer subject to tax
pursuant to articles nine, nine-A, thirteen-A, or twenty-two of this
chapter shall be allowed a credit against such tax pursuant to the
provisions referenced in subdivision (f) of this section.
Section 3. Sustainable aviation fuel tax credit. (a) Allowance of cred-
it. A taxpayer shall be allowed to computed credit, as provided in
section fifty of this chapter, against the tax imposed by this article%
(b) Application of credit. In no event shall the credit under this
section be allowed in an amount that will reduce the tax payable to less
than the applicable minimum tax fixed by section one hundred eighty-two
of this article.
This act shall take effect immediately.
 
JUSTIFICATION:
Sustainable aviation fuel (SAF) tax credits encourage the production and
use of SAF, which can help reduce the aviation industry's contribution
to global emissions while also providing the aviation industry with an
alternative energy source enabling it to reduce their dependence on
fossil-based fuel sources
 
PRIOR LEGISLATIVE HISTORY:
New Bill
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
TBD
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S4065: 210-B tax law, 606 tax law, 606(i) tax law