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August 2012 Archives

August 22, 2012

State Department of Taxation and Finance Releases Guidance Memo Concerning Recent State Law Extending Tax Exemptions for Alternative Fuels

On August 3, 2012, the New York State Department of Taxation and Finance released a guidance memo that summarizes a recent state law (L. 2012, ch. 59) extending tax exemptions for alternative fuels.

The law extended the sunset date for exemptions for 85 percent ethanol fuel (E85), compressed natural gas, hydrogen, and B20 (a mixture of 20 percent biodiesel and 80 percent diesel) from Aug. 31, 2012, to Aug. 31, 2014. The law extends the exemptions from prepaid sales tax for compressed natural gas, hydrogen fuels, and E85 when it is delivered to and placed in a storage tank of a filling station to be dispensed directly into a motor vehicle.
The exemption from prepaid sales taxes does not apply to sales of B20. The law also extends the exemption from state and local sales taxes for the retail sale of E85, compressed natural gas, and hydrogen. A 20 percent exemption is extended for state and local sales taxes on the retail sale of B20 fuel.

About August 2012

This page contains all entries posted to Envirosphere in August 2012. They are listed from oldest to newest.

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