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History
- Referred to investigations and government operations
Full text
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Sponsor's memo
BILL NUMBER:S8025
Title of bill
An act to amend the tax law, in relation to tax credits provided for solar energy system equipment
Purpose
The purpose of this legislation is encourage homeowners to install and utilize solar energy equipment by allowing individuals who lease such equipment or purchase power under a written agreement with a third party to benefit from a solar equipment tax credit.
Summary of provisions
Section 1. Allows a taxpayer to qualify for a solar equipment tax credit in cases where the lease of solar equipment under a written agreement spans at least ten years or a power purchase agreement of at least ten years from a third party is in force. Additionally this section includes and clarifies expenditures for the lease of solar energy system equipment.
Justification
As we continue to move toward a greener economy it is very important that residents be encouraged to utilize renewable forms of energy. This should be true whether the taxpayer can afford to purchase and install renewable generation such as solar equipment or if it is more feasible for the individual to lease the equipment or contract with a provider to purchase power. using the tax code to incentivize the installation of solar equipment is the right way to encourage the development of the renewable energy industry.
In addition to the obvious benefits to the taxpayer, the use of more photovoltaic generation equipment will also benefit our environment by reducing the negative effects of greenhouse gas emissions as well and increasing our ability to become more energy independent.
Legislative history
New Bill.
Fiscal implications
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.