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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A8643
- Ordered to third reading cal.925
- Committee discharged and committed to rules
- Referred to corporations, authorities and commissions
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.
Relates to energy conservation and efficiency projects
Signed by Governor · Sponsor Kevin Cahill
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the New York state urban development corporation act, in relation to energy conservation and efficiency projects
Purpose or general idea of bill
This legislation would make energy conservation and efficiency activities eligible for Urban Development Corporation funding.
Summary of specific provisions
Section 1: Defines "energy conservation and efficiency projects" as project or a that portion of a multi-purpose project designed and intended for the purpose of reducing energy consumption and improving energy efficiency of building envelops, building systems, manufacturing or industrial systems by retrofitting or modernizing manufacturing, industrial or commercial facilities. It further provides what types of projects may be considered under this definition.
Justification
By establishing an energy conservation and efficiency projects definition in the UDC law it would enable entities seeking funding under the various UDC programs to use energy conservation and efficiency as a qualifying expense. It is essential that the State make every opportunity available to businesses in the State to improve their energy consumption and operating budgets.
Two Federal bonding mechanisms for financing renewable energy and energy efficiency systems have been expanded under the tax section of the American Recovery and Reinvestment Act of 2009, signed on February 17,2009. The act authorizes the allocation of $1.6 billion in new Clean Renewable Energy Bonds (CREBs), which are tax credit bonds for financing renewable energy projects. CREBs were previously limited to a maximum of $800 million. The act also authorizes the allocation of $2.4 billion in Qualified Energy Conservation Bonds (QECB), is also increased from the current limit of $800 million. These tax credit bonds are allocated to states and large local governments to finance a variety of clean energy projects.
CREBs and QECBs are not structured like typical Federal bonds that pay interest; instead, tax credit bonds pay the bondholders by providing a credit against their federal income tax. Thus, the new tax credit bonds will provide interest-free financing for clean energy projects. As the Federal government essentially pays the interest via tax credits, the U.S. Internal Revenue Service must allocate such credits in advance.
In New York State, the Urban Development Corporation (UDC) is the entity most capable of bonding for the federal funds and providing a legal definition of energy conservation and efficiency projects would strengthen the case for New York State to receive the maximum amount of funds available. This legislation would provide a specific definition for energy conservation and efficiency projects.
Legislative history
None. This bill is new.
Fiscal impact on the state
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.