New York S01547 amends the tax law to provide a credit for biofuel production, specifically for biomethane, a biodiesel fuel.

New York S01547 amends the tax law to provide a credit for biofuel production, specifically for biomethane, a biodiesel fuel. The credit is computed as provided in section thirty-eight-a of the tax law. The credit is applicable to taxable years beginning before January 1, 2020. The credit is capped at $2.5 million per taxpayer per taxable year for up to four consecutive taxable years per biofuel plant. If the taxpayer is a partner in a partnership or shareholder of a New York corporation, the cap is applied at the entity level.

New York S01547 amends the tax law to provide a credit for biofuel production, specifically for biomethane, a biodiesel fuel.

New York S01547 amends the tax law to provide a credit for biofuel production, specifically for biomethane, a biodiesel fuel. The credit is computed as provided in section thirty-eight-a of the tax law. The credit is applicable to taxable years beginning before January 1, 2020. The credit is capped at $2.5 million per taxpayer per taxable year for up to four consecutive taxable years per biofuel plant. If the taxpayer is a partner in a partnership or shareholder of a New York corporation, the cap is applied at the entity level.