What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
2 Co-sponsors
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to providing a tax credit for the purchase of voltage regulation technology
Summary of provisions
This bill amends the Tax Law.
Section 1 amends Section 210 of the Tax Law, by adding a new subdivision 41 creating a credit for the purchase of voltage regulation technology. The section defines eligibility and other restrictions and requirements, and provides for a tax credit equal to fifty percent of the cost of voltage regulation technology, up to one thousand dollars, for all purchases made by such taxpayer.
Section 2 amends subparagraph (B) of subdivision 1 of subsection (i) of Section 606 of the Tax Law, relating to S corporations, adds the voltage regulation technology tax credit under subsection (qq).
Section 3 amends section 606 by adding a new subsection (qq). This subsection provides for a credit for the purchase of voltage regulation technology. The section defines eligibility and other restrictions and requirements, and provides for a tax credit equal to fifty percent of the purchase price of such technology up to a one thousand dollar limit for all purchases made by such taxpayer.
Section 4 provides that this act shall take effect on the first of January next succeeding the date on which it shall have become law, and shall apply to taxable years commencing after such date, further providing that the empire state film production credit under subsection (gg), the empire state commercial production credit under subsection (jj) and the credit for companies who provide transportation to individuals with disabilities under subsection (oo) of section 606 of the Tax Law contained in section 3 of this act shall expire on the same date as provided in section 9 of part P of Chapter 60 of the Laws of 2004, as amended, section 10 of part v of Chapter 62 of the Laws of 2006, as amended and section 5 of Chapter 522 of the Laws of 2006, as amended, respectively.
Purpose and justification
Demand for electricity continues to increase in New York. Supplying such increased demand must eventually lead to construction of new power plants, increased carbon emissions and increased demand for foreign oil. It makes more sense to increase efficiency, when possible, both to reduce energy costs for homeowners and businesses and to reduce the need for more electricity. This bill gives added incentive to taxpayers to invest in voltage regulation technology that will allow them to use electricity more efficiently, reducing their costs while at the same time helping our environment.
Prior legislative history
New bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect on the first of January after becoming law, with provisions.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.