N.Y. Tax Law § 28*2 — Biofuel production credit

* § 28. Biofuel production credit. (a) General. A taxpayer subject to\ntax under article nine, nine-A or twenty-two of this chapter shall be\nallowed a credit against such tax pursuant to the provisions referenced\nin subdivision (d) of this section. The credit (or pro rata share of\nearned credit in the case of a partnership) for each gallon of biofuel\nproduced at a biofuel plant on or after January first, two thousand six\nshall equal fifteen cents per gallon after the production of the first\nforty thousand gallons per year presented to market. The credit under\nthis section shall be capped at two and one-half million dollars per\ntaxpayer per taxable year for up to no more than four consecutive\ntaxable years per biofuel plant. If the taxpayer is a partner in a\npartnership or shareholder of a New York S corporation, then the cap\nimposed by the preceding sentence shall be applied at the entity level,\nso that the aggregate credit allowed to all the partners or shareholders\nof each such entity in the taxable year does not exceed two and one-half\nmillion dollars. The tax credit allowed pursuant to this section shall\napply to taxable years beginning before January first, two thousand\ntwenty.\n (b) Definitions. For the purpose of this section, the following terms\nshall have the following meanings:\n (1) "Biofuel" means a fuel which includes biodiesel and ethanol. The\nterm "biodiesel" shall mean a fuel comprised exclusively of mono-alkyl\nesters of long chain fatty acids derived from vegetable oils or animal\nfats, designated B100, which meets the specifications of American\nSociety of Testing and Materials designation D 6751-02. The term\n"ethanol" shall mean ethyl alcohol manufactured in the United States and\nits territories and sold (i) for fuel use and which has been rendered\nunfit for beverage use in a manner and which is produced at a facility\napproved by the federal bureau of alcohol, tobacco and firearms for the\nproduction of ethanol for fuel, or (ii) as denatured ethanol used by\nblenders and refiners which has been rendered unfit for beverage use.\nThe term "biofuel" may also include any other standard approved by the\nNew York state energy and research development authority.\n (2) "Biofuel plant" means a commercial facility located in New York\nstate at which one or more biofuels are produced.\n (c) Reporting requirements. A taxpayer wishing to claim a credit under\nthis section shall annually certify to the commissioner (i) that biofuel\nproduced at the eligible biofuel plant meets all existing standards for\nbiofuel and (ii) the amount of biofuel produced at the eligible biofuel\nplant during a taxable year.\n (d) Cross-references. For application of the credit provided for in\nthis section, see the following provisions of this chapter:\n (1) Article 9: Section 187-c.\n (2) Article 9-A: Section 210-B, subdivision 24.\n (3) Article 22: Section 606, subsections (i) and (jj).\n * NB There are 2 § 28's\n