New York bill A07127 amends the tax law to provide a biofuel production credit for biomethane, a biodiesel fuel.

New York bill A07127 amends the tax law to provide a biofuel production credit for biomethane, a biodiesel fuel. The credit is available for each gallon of biofuel produced at a biofuel plant on or after January 1, 2006. The credit is fifteen cents per gallon or twenty-five cents per gallon for biomethane production after the first forty thousand gallons per year presented to market. The credit is capped at two and one-half million dollars per taxpayer per taxable year for up to four consecutive taxable years per biofuel plant.

New York bill A07127 amends the tax law to provide a biofuel production credit for biomethane, a biodiesel fuel.

New York bill A07127 amends the tax law to provide a biofuel production credit for biomethane, a biodiesel fuel. The credit is available for each gallon of biofuel produced at a biofuel plant on or after January 1, 2006. The credit is fifteen cents per gallon or twenty-five cents per gallon for biomethane production after the first forty thousand gallons per year presented to market. The credit is capped at two and one-half million dollars per taxpayer per taxable year for up to four consecutive taxable years per biofuel plant.