On June 19, the New York Assembly voted to pass a bill that aims to amend the state&rsquo;s tax law to provide tax credits for the production of cellulosic ethanol, densified biofuel and renewable fuel oil. The legislation passed by a vote of 125 to 12 and was delivered to the state Senate.
According to information published by the New York Assembly, the bill, A.9525, would authorize a 25 cent-per-gallon tax credit for the production of cellulosic ethanol or renewable fuel oil after the first 40,000 gallons per year presented to the market. It would also provide a $15-per-bone-dry-ton tax credit for densified biofuel after the first 10,000 tons per year. The tax credit would have a cap of $10 million per taxpayer per year for a maximum of 10 consecutive years.
&ldquo;The demand for cleaner, cheaper power is strong and is an area of huge potential growth for the North Country,&rdquo; Russell said in a statement. &ldquo;By utilizing resources like wood and agricultural waste, North Country businesses can lead the way in creating a new industry in New York that keeps our fuel dollars here instead of shipping them overseas.&rdquo;
Pat Curran of Curran Renewable Energy in Massena called the bill a &ldquo;strong step forward in enhancing the business climate&rdquo; of New York in a statement published by Russell&rsquo;s office. &ldquo;It will give land owners an opportunity to see value in their low-grade timber crops that they have been growing. The tax bill that Addie Russell supports will help job growth in numerous ways beyond the agricultural and forest sectors. It will help create stability and a bright future in an evolving market,&rdquo; he continued.
"This legislation strikes at the heart of helping homeowners, schools, and businesses converting from imported fossil fuels to locally sourced wood heating. New York has abundant forests that need these markets to improve forest health using sustainable forest practices,&rdquo; Eric Carlson, president &amp; CEO of the Empire State Forests Products Association, said in a press release published by Russell&rsquo;s office.
Additional information on the bill can be downloaded from the New York Assembly <a href="http://assembly.state.ny.us/leg/?default_fld=&amp;bn=S04563&amp;term=2013&amp;Summary=Y&amp;Actions=Y&amp;Votes=Y&amp;Memo=Y&amp;Text=Y" target="_blank">website</a>.
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On June 19, the New York Assembly voted to pass a bill that aims to amend the state's tax law to provide tax credits for the production of cellulosic ethanol, densified biofuel and renewable fuel oil. 

N.Y. bill would incentivize cellulosic fuels, biomass pellets

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