Relates to the biofuel production credit

This bill modifies New York's biofuel production tax credit to expand eligibility from ethanol to include renewable diesel and renewable hydrocarbon diesel. The credit provides fifteen cents per gallon for biofuel produced after January 1, 2022, with a maximum cap of $2.5 million per taxpayer per year for up to four consecutive years. The legislation applies to taxpayers subject to state tax under specific articles and includes provisions for partnerships and S corporations to apply the credit cap at the entity level. The credit applies to taxable years beginning before January 1, 2027, and any excess credit beyond the tax liability will be refunded without interest.