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History
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Companion bill
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Provides for separate personal income tax credits for solar electric, solar thermal and wind energy systems installed upon the residence of a taxpayer
In Assembly Committee · Ways And Means · Sponsor Marc Alessi
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 the personal income tax credit for solar and wind energy systems
Purpose or general idea of bill
The bill provides for the separate personal income tax credits for solar electric, solar thermal and wind energy systems installed upon the residence of a taxpayer.
Summary of specific provisions
Paragraph 1 of the subsection (g-1) of section 606 of the tax law, as amended by chapter 378 of the laws of 2005; Subparagraph (A) of paragraph 2 of subsection (g-1) of section 606 of the tax law, as amended by chapter 378 of the laws of 2005; Paragraph 3 of subsection (g-1) of section 606 of the tax law as amended by chapter 128 of the laws of 2007; paragraph 4 of subsection (g-1) of section 606 of the tax law, as amended by chapter 378 of the laws of 2005; paragraph 5 of subsection (g-1) of section 606 of the tax law, as added by chapter 128 of the laws of 2007; Section 606 of the tax law is amended by adding a new subsection (g-3).
Justification
There is a national trend for Americans to use green, efficient energy systems. The price of gas continues to rise as Americans, and especially New Yorkers are finding themselves in a situation where everyday expenses are becoming too much of a burden. Providing a tax credit for those who install solar thermal and wind energy systems provides a great investment for the future because it saves taxpayers money, especially during one of the worst recessions the state, and the nation, has ever seen.
Prior legislative history
None.
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.