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Who cares
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Sponsors
1 Co-sponsor
History
- Print number 5141a
- Amend (t) and recommit to investigations and government operations
- Referred to investigations and government operations
- Reported and committed to finance
- 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.
Establishes the qualified solar manufacturer facilities and operations credit
In Assembly Committee · Ways And Means · Sponsor Kevin Cahill
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5141A
Title of bill
An act to amend the tax law, in relation to the qualified solar and energy storage manufacturer facilities and operations credit
Purpose
To provide a tax credit to encourage alternative energy developers to invest in alternative energy development in New York State.
Summary of provisions
The legislation creates a 25% capital investment refundable tax credit and 10% marketing tax credit for solar and energy storage development.
Existing law
Does not provide a tax credit for this service.
Justification
New York State has seen a lag in the development of certain segments of the renewable energy sector when compared to other states. At least a part of the problem has been that there is no clear incentive for busi- nesses to make capital investments in solar and energy storage develop- ment. This is both a necessary and prudent step because it will help the state to meet its goals for renewable energy, and just as importantly it will help to create solar and energy storage manufacturing and marketing jobs in New York State, rather than see them created in another state or even worse, another country.
Legislative history
S.8511 of 2008 - Passed Senate
Fiscal implications
To be determined.
Local fiscal implications
None.
Effective date
Immediately and apply to fiscal years commencing January 1, 2013.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.