Tax credit for the purchase of voltage regulation technology

1 Co-sponsor

• William J. Larkin Jr.

BILL NUMBER:S3426A

Title of bill

An act to amend the tax law, in relation to providing a tax credit for the purchase of voltage regulation technology

Summary of provisions

This bill amends the Tax Law.

Section 1 amends Section 210 of the Tax Law, by adding a new subdivision 45 creating a credit for the purchase of voltage regulation technology. The section defines eligibility and other restrictions and requirements, and provides for a tax credit equal to fifty percent of the cost of voltage regulation technology, up to one thousand dollars, for all purchases made by such taxpayer.

Section 2 adds a new clause (xxxiv) to section 606 of the Tax Law providing for a credit for the purchase of voltage regulation technology under subsection (uu).

Section 3 amends section 606 by adding a new subsection (uu). This subsection provides for a credit for the purchase of voltage regulation technology. The section defines eligibility and other restrictions and requirements, and provides for a tax credit equal to fifty percent of the purchase price of such technology up to a one thousand dollar limit for all purchases made by such taxpayer.

Section 4 provides that this act shall take effect on the first of January next succeeding the date on which it shall have become law, and shall apply to taxable years commencing on and after such date.

Purpose and justification

Demand for electricity continues to increase in New York. Supplying such increased demand must eventually lead to construction of new power plants, increased carbon emissions and increased demand for foreign oil. It makes more sense to increase efficiency, when possible, both to reduce energy costs for homeowners and businesses and to reduce the need for more electricity. This bill gives added incentive to taxpayers to invest in voltage regulation technology that will allow them to use electricity more efficiently, reducing their costs while at the same time helping our environment.

Prior legislative history

2009-10: S.3519 -- INVESTIGATIONS 2011: S.3426 -- INVESTIGATIONS

Fiscal implications

To be determined.

Effective date

This act shall take effect on the first of January next succeeding the date on which it shall have become law and shall apply to taxable years commencing on and after such date.