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History
- Substituted by A34B
- Ordered to third reading cal.1428
- Committee discharged and committed to rules
- Referred to investigations and government operations
- Reported and committed to finance
- Print number 149b
- Amend and recommit to investigations and government operations
- Print number 149a
- Amend and recommit 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.
Relates to tax credits provided for solar energy system equipment
Signed by Governor · Sponsor Kevin Cahill
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S149B
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
S.8025 of 2009-2010; Referred to Investigations & Government Operations
Fiscal implications
Given the nature of how the credit will be taken and the fact that the leases and power purchase agreements that are effected all last more than ten years, it is estimated that this provision will have a fiscal impact of less than $1,000,000 annually.
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.