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Sponsors
1 Co-sponsor
History
- Referred 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.
Establishes a personal income tax credit for voltage regulation technology equipment
In Assembly Committee · Ways And Means · Sponsor William Colton
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1055
Title of bill
An act to amend the tax law, in relation to establishing a personal income tax credit for voltage regulation technology equipment
Purpose
To encourage and establish incentives for the purchase and use of voltage regulation technologies.
Summary of provisions
Section 606 of the tax law is amended by adding a new subsection (g3) voltage regulation technology equipment credit. This subsection provides a tax credit equal to twenty-five percent of qualified voltage regulation technology expenditures, not to exceed five thousand dollars. Qualified voltage regulation technology equipment expenditures shall include expenditures for materials, labor costs properly allocable to on-site preparation, assembly and installation, engineering services, designs and plans directly related to the construction. The credit will be applied to the taxable year in which such equipment is placed in service.
Justification
The State of New York provides incentives to encourage the use of wind, solar and other renewable energies. Similar incentives for voltage regulation technologies could improve efficiency of the electrical grid and save consumers money. Currently it is theorized that up to (70%) of homes and businesses receive more voltage than they need, which results in wasted energy. This wastage is due to "line loss" through the transmission system, because utilities have to insure that the last customer on the line still receives the necessary amount of energy.
According to the U.S. Department of Energy, approximately (67%) of the energy in the form of electricity is wasted between the point where it is generated and enters the electrical grid, and the point where a consumer uses the electricity.
However, recent technological advances have made it possible to dynamically manage voltage at the point of consumption, substantially lowering energy consumption and improving power quality.
The amortization period to consumers for a residential owner could be 3-5 years without the tax credit. With the credit it could be 2-3 years, depending upon whether one lived in higher or lower energy cost section of New York.
Legislative history
2009-2010: S.4294/A.4276 - Referred to Investigations & Government Operations
Fiscal implications
The cost for the installation for residential homes is anticipated to be around $800. The cost for commercial business are anticipated to range from approximately $800 to $15,000,
depending upon the size of the business. It is anticipated that residential owners will recoup the cost of the equipment within 3-5 years without tax credit. With such a credit, the return on investment for residence and business customers is expected to be shorter. Higher energy cost areas in New York will experience quicker returns on investments.
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.