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- Referred to ways and means
- Referred to ways and means
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Sponsor's memo
BILL NUMBER:A9193
Title of bill
An act to amend the tax law, in relation to exempting from franchise taxes certain banking organizations which provide loans and/or refinancing for certain "green" purchases or home improvements
Purpose or general idea of bill
This legislation would exempt from franchise taxes certain banking organizations which provide loans and/or refinancing for certain "green" purchases or home improvements.
Summary of specific provisions
Subdivision (a) of Section 1512 of the Tax Law is amended by adding a new paragraph 11 to exempt from franchise taxes certain banking organizations which provide loans and/or refinancing for certain energy improvements, renewable energy or distributed generation. Definitions of "green" terminology are set forth for the purposes of this paragraph.
Justification
In an effort to promote purchases of energy efficient and renewable energy sources, this bill would exempt from franchise taxes certain banks which offer loans and/or refinancing options to environmentally conscious customers who wish to make energy efficient improvements or purchases.
Prior legislative history
New Legislation, 2009
Fiscal implications for state and local governments
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.