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Sponsors
6 Co-sponsors
History
- Referred to ways and means
Full text
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Sponsor's memo
BILL NUMBER:A11129
Title of bill
An act to amend the tax law, in relation to providing a tax credit to businesses for the purchase of electrical generators
Purpose
To provide a tax credit for businesses and individuals who purchase an electric generator(s).
Summary of provisions
Section 1 - Amends section 210 of the tax law by creating a new subdivision 38. This provides taxpayers with the allow- ance for a credit when, they have purchased an electric generator(s). The amount of credit will be equal to the amount expended in the previ- ous tax year for the purchase of one or more electrical generators; however, if the amount of credit allowed for any taxable year reduces the tax to such amount that is less than the higher of the amounts prescribed in paragraphs (c) and (d) of subdivision one of this section then this amount shall be treated as an overpayment of tax to be credit- ed-or refunded.
Section 2 - Amends subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law. Establishes the legal basis of the tax cred- it for the purchase of,electrical generators.
Section 3 - Amends section 606 of the tax law by adding a new subsection (jj). This provision allows for the taxpayer credit, which is equal to the amount expended in the previous tax year far the purchase of one or more electrical generators. Also, this subsection outlines the applica- tion of such taxpayer credit; where if the amount of credit allowed for any taxable year exceeds the taxpayer's tax for such year, the excess shall be treated as an overpayment of tax to be credited or refunded.
Justification
Natural disasters often result in the critical failure of electrical utility systems. To help mitigate the effects of a power outage individuals and business utilize electric generators. For exam- ple, in the wake of Hurricane Wilma, the electric grid was down far much of the affected area; and, as a result, gas stations were not able to pump gasoline until the infrastructure of the electrical system was restored.
It is the prerogative of this state to provide incentives for individ- uals and business to take certain actions that help prepare and mitigate the effects of a natural or man-made disaster. This tax credit will encourage businesses and residents of this state to purchase electric generators which will help lessen the impact of a power outage or a total failure of the electrical utilities in this state.
Prior legislative history
2005-2006 - S6732 2007-2008 - A8298/S3799
Fiscal implications
To be determined.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.