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History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
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Creates a tax credit for the purchase and installation of a sun tunnel in a principal residence
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:S4624
Title of bill
An act to amend the tax law, in relation to establishing a credit for the purchase and installation of a sun tunnel in a principal residence
Purpose
Establishes a tax credit for the purchase and installation of a sun tunnel.
Summary of provisions
Amends Section 606 of the tax law by adding a new subsection (g-3) to provide for a tax credit for the purchase and installation of a qualified sun tunnel.
Justification
Sun tunnels are an environmentally friendly lighting solution. Installation and use of these devices significantly reduce energy costs while experiencing the benefits of natural light.
This legislation establishes a tax credit for the purchase and installation of a sun tunnel in a principal residence. Such sun tunnel must have a U-factor equal to or below .30 and solar heat gain coefficient of 0.03. The amount of the credit shall be 30% of the qualified expenditures incurred in purchasing and installing any such sun tunnel not to exceed a maximum credit of $150.
This credit shall be provided in the taxable year commencing in which the sun tunnel is installed beginning on or after January 1, 2011. Excess credit may be carried over to the give taxable years next following the taxable year with respect to which the credit is allowed and may be deducted from the taxpayer's tax for such year or years.
Establishing a New York State tax credit for the purchase and installation of sun tunnels would further promote energy efficiency while saving homeowners money on utility bills.
Legislative history
New legislation.
Fiscal implications
To be determined.
Effective date
This act shall take effect on January 1, 2011; provided, however, if this act shall become a law after such date it shall take effect immediately and shall be deemed to have been in full force and effect on and after January 1, 2011.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.