New York Laws
Article 1 - Short Title; Definitions; Miscellaneous
47*2 - Grade No. 6 Heating Oil Conversion Tax Credit.

(2) A taxpayer that is a partner in a partnership, member of a limited
liability company or shareholder in a subchapter S corporation shall be
allowed its pro rata share of the credit earned by the partnership,
limited liability company or subchapter S corporation that meets the
eligibility criteria described in subdivision (b) of this section to
claim a grade no. 6 heating oil conversion tax credit. In no event may
the total amount of the credit earned by the partnership, limited
liability company or subchapter S corporation exceed five hundred
thousand dollars for all buildings located at a New York state
department of environmental conservation regulated facility.
(3) No cost or expense paid or incurred by the taxpayer that is
included as part of the calculation of this credit shall be the basis of
any other tax credit allowed under this chapter.
(b) Eligibility criteria. (1) To be eligible to claim a grade no. 6
heating oil conversion tax credit, a business entity must:
(i) incur expenses for the conversion from grade no. 6 heating oil
fuel, as described as "conversion costs" in paragraph (1) of subdivision
(c) of this section, to biodiesel heating oil or a geothermal system at
any building located in New York state outside the city of New York;
(ii) submit an application to and obtain approval of such application
by the New York state energy research and development authority
describing the conversion and approved costs to complete such
conversion;
(iii) not be principally engaged in the generation or distribution of
electricity, power or energy;
(iv) be in compliance with all environmental conservation laws and
regulations; and
(v) not owe past due state taxes unless the business entity is making
payments and complying with an approved binding payment agreement
entered into with the taxing authority.
(c) Definitions. As used in this section the following terms shall
have the following meanings:
(1) Conversion costs means the equipment and labor costs associated
with the design, installation and use of space heating and other energy
conversion systems that are designed to or accommodate the use of
biodiesel fuel or a geothermal system and, at the option of the
taxpayer, the costs of completing an ASHRAE level 2 energy audit
including assessment of electrification options.
(2) Biodiesel means a minimum blend of eighty-five (85) percent
biodiesel, defined as fuel manufactured from vegetable oils, animal
fats, or other agricultural or other products or by-products, with
petrodiesel fuel commonly used for heating systems.
(3) Geothermal means a system that uses the ground or ground water as
a thermal energy source/sink to heat or cool a building or provide hot
water within the building.
(4) A New York state department of environmental conservation
regulated facility is a facility regulated pursuant to section 19-0302
or title ten of article seventeen of the environmental conservation law.
(d) The commissioner, in consultation with the New York state energy
research and development authority, will develop an application process
to certify the expenses necessary for the conversion and a taxpayer will
not be eligible to claim the credit unless it has completed that
application process and the application has been approved by the New
York state energy research and development authority.
(e) Information sharing. The department, the department of
environmental conservation and the New York state energy research and
development authority shall be allowed and are directed to share and
exchange information regarding the information contained on the credit
application for claiming the grade no. 6 heating oil conversion tax
credit and such information exchanged between the department, the
department of environmental conservation and the New York state energy
research and development authority shall not be subject to disclosure or
inspection under the state's freedom of information law.
(f) Cross references. For application of the credit provided for in
this section, see the following provisions of this chapter:
(1) article 9-A: section 210-B, subdivision 58;
(2) article 22: section 606, subsection (nnn).
* NB There are 3 § 47's

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