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History
- Referred to investigations and government operations
- Print number 2711b
- Amend and recommit to investigations and government operations
- Print number 2711a
- 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 creating a tax credit for energy efficiency home improvements
In Assembly Committee · Ways And Means · Sponsor Barbara Lifton
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2711B
Title of bill
An act to amend the tax law and the real property tax law, in relation to providing a tax credit for the purchase of energy efficient home improvements
Purpose
To provide an income tax credit of up to 25% of the cost of any items that improve the energy efficiency of a home, up to $2,500. Also requires the New York State Energy Research and Development Agency (NYSERDA) to develop a list of acceptable energy efficiency improvements that will be covered under the program and provides that such upgrades shall not affect the assessed value of the home.
Summary of specific provisions
Section 1 amends the tax law to provide an income tax credit of up to 25% of the cost of any items that improve the energy efficiency of a home, up to a maximum of $2,500. Also directs NYSERDA to adopt rules and regulations setting forth home improvements which qualify for the tax credit and have them provide such list on their website.
Section 2 amends the Real Property Tax law by requiring that any energy efficiency upgrades not affect the assessed value of the home.
Section 3 provides that this act will take effect on the first of January of the following year after it becomes law.
Justification
Many energy efficient products can raise the value of a home. Increased assessments as a result of increases home values could be a deterrent to a homeowner to replacing inefficient materials with energy efficient ones. This legislation will help to offset the cost of any items that improve the energy efficiency of a home (i.e. new windows, insulation).
Prior legislative history
S.4159 of 2007/08; Referred to Investigations S.1215 of 2009/10; Reported to Finance
Fiscal implications
Fiscal implications will depend on program participation. Costs per household are specific in the legislation.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.