Provides a tax credit for farmers who use qualified biodiesel fuel for the sole operation of their farm equipment.

New York S02316 amends the tax law to provide a tax credit for farmers who use qualified biodiesel fuel for the sole operation of their farm equipment. The credit is $0.01 per percent of biodiesel per gallon of qualified biodiesel fuel, not to exceed twenty cents per gallon. The credit applies to biodiesel fuel purchased during the taxable year and used in farming equipment. The bill defines "biodiesel" and "qualified biodiesel" and specifies the application of the credit. The credit is effective for taxable years beginning on and after January 1, 2026.

Provides a tax credit for farmers who use qualified biodiesel fuel for the sole operation of their farm equipment.

New York S02316 amends the tax law to provide a tax credit for farmers who use qualified biodiesel fuel for the sole operation of their farm equipment. The credit is $0.01 per percent of biodiesel per gallon of qualified biodiesel fuel, not to exceed twenty cents per gallon. The credit applies to biodiesel fuel purchased during the taxable year and used in farming equipment. The bill defines "biodiesel" and "qualified biodiesel" and specifies the application of the credit. The credit is effective for taxable years beginning on and after January 1, 2026.