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History
- Referred to investigations and government operations
- Print number 4279a
- Amend (t) and recommit to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides a tax credit for the purchase of certified sustainably harvested wood products
In Assembly Committee · Ways And Means · Sponsor Robin Schimminger
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 Forest Stewardship Council certified wood products
Purpose of the bill
This bill provides a tax credit for the purchase of Forest Stewardship Council (FSC)-certified wood products.
Summary of specific provisions
§1- Amends § 606 of the Tax Law by adding a new subsection (qq) to allow for a personal income tax credit equal to 20% of the material cost of the purchase of FSC-certified hardwood flooring for a principal residence located in the state.
§2- Amends § 210 of the Tax Law by adding a new subdivision 41 to allow for a corporate franchise tax credit equal to 20% of the material cost of the purchase of FSC-certified hardwood flooring for real property located in the state.
§3- Effective date.
Justification
Today, more than ever, consumers are interested in investing in environmentally friendly building products. In keeping with the wants and needs of consumers, the hardwood flooring industry has pushed for the use of Forest Stewardship Council (FSC)-certified woods. The FSC is a worldwide organization comprised of members, including loggers, foresters, environmentalists, and sociologists, whose goal is the practice of sustainable forestry worldwide.
FSC-certified woods have become the gold standard for ensuring that the products are harvested, milled and manufactured in environmentally friendly ways. The United State Green Building Council requires all hardwood flooring products to be FSC-certified to qualify for Leadership in Energy and Environmental Design (LEED) points. Every year, more and more buildings are becoming LEED-certified including schools, universities, and office buildings. Environmentally conscientious homeowners are also using green materials.
This legislation would allow for either an individual or a corporation to obtain a tax credit equal to 20% of the material cost of the purchase of FSC-certified hardwood flooring for use in either a personal residence or other real property in the state.
Prior legislative history
New bill.
Fiscal implications
Yet 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.