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History
- Reported and committed to finance
- Print number 4623a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1118
- 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.
Extends the solar energy system equipment tax credit carryover period
In Assembly Committee · Ways And Means · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4623A
Title of bill
An act to amend the tax law, in relation to the solar energy system equipment tax credit
Purpose
This legislation extends the solar energy system equipment tax credit carryover period from five to ten years.
Summary of provisions
Paragraph 8 of subsection (g-1) of Section 606 of the tax law, as amended by Chapter 378 of the Laws of 2005 and as renumbered by Chapter 128 of the Laws of 2007, is amended to extend the solar energy system equipment tax credit carryover period from five to ten taxable years.
Justification
New York's solar energy system equipment tax credit provides individuals with an incentive to choose to invest in photovoltaic systems as an alternative energy choice. The current credit system, subject to certain limits, is 25% of the qualified solar energy system equipment expenditures for the purchase and installation of a system that uses solar radiation to produce energy for heating, cooling, hot water or electricity for residential use. If the credit is greater than the amount of taxes owed, the balance will not be refunded. However, any credit amount in excess of the tax due can be carried over for a maximum of up to five years. In some cases, individuals with lower incomes would not have enough income tax liability over a five-year period to claim the full amount of the individual credit. This legislation will extend such carryover period from five to ten years to better afford those individuals with the opportunity to receive the full amount of their tax credit.
Legislative history
New legislation.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on or after January 1, 2013.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.