BILL NUMBER: S4065C
SPONSOR: PARKER
 
TITLE OF BILL:
An act to amend the energy law and the tax law, in relation to estab-
lishing a sustainable aviation fuel tax credit in New York state
 
PURPOSE OR GENERAL IDEA OF BILL:
AN ACT to amend the energy law and the tax law, in relation to estab-
lishing a sustainable aviation fuel tax credit in New York state
 
SUMMARY OF PROVISIONS:
Section 1. The Energy law is amended by adding a new
Section 5-112 to read as follows: § 5-112. Sustainable aviation fuel tax
credit.
Section 2. 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
S4065A: 210-B tax law, 606 tax law, 606(i) tax law
S4065B: 210-B tax law, 606 tax law, 606(i) tax law
S4065C: 210-B tax law, 606 tax law, 606(i) tax law