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History
- Referred to investigations and government operations
- Print number 1437a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1437A
Title of bill
An act to amend the tax law, in relation to tax credits provided for solar energy system equipment
Purpose
This bill will extend the current tax credit provided for the purchase and installation of solar energy equipment to individuals who install and the lease solar energy equipment.
Summary of provisions
Section 1. Paragraph 2 of subsection (g-1) of section 606 of the tax law is amended to add to section: (A) extending the tax credit to(ii) an individual who leases solar energy equipment owned and installed by a third party as long as the lease agreement spans at least 10 years, resides within the State of New York, and is the principal residence of the tax payer. (iii) an individual who purchases the power under a lease agreement that spans at least 10 years where the power purchased is generated by solar energy equipment owned and installed by a third party.
Section (C) specifies the qualified expenditures covered by the purchase of solar energy
New section (D) expands qualified expenditures covered to include the amount equal to all payments to be made under a lease agreement including any upfront costs.
Justification
This bill will increase and encourage the use of alternative and renewable energy by extending the tax credits received by the owners of solar energy equipment to individuals who lease such equipment. Purchasing, installing and maintaining this type of equipment can be costly and complex therefore deterring some consumers from utilizing this type of renewable energy. contracting with companies who provide these services provides an opportunity for a consumer to reduce their energy costs and continues to encourage the use of renewable energy.
The impacts of climate change have made abundantly clear the need to reduce our carbon footprint. However, for a greater impact to occur it will require that everyone be involved in some way. This bill provides an opportunity and incentive for more consumers to take advantage of solar power generation, reduce C02 emissions and reduce their own energy costs.
Legislative history
S.8190; Passed Senate
Fiscal implications
To be determined.
Effective date
Immediately and shall be deemed to have been in full force and effect on and after January 1, 2012.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.