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- Print number 1412a
- Amend and recommit to investigations and government operations
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
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Sponsor's memo
BILL NUMBER:S1412A
Title of bill
An act to amend the tax law, in relation to increasing the tax credit provided for solar energy system equipment
Purpose
To increase the allowable tax credit for the installation of solar energy system equipment.
Summary of provisions
Amends paragraph 1 of subsection (g-1) of section 606 of the tax law to allow for a tax credit up to $10,000 for qualified solar energy equipment placed in service on or after September 1, 2013.
Existing law
The current tax credit cap for qualified solar energy equipment is $5,002.
Justification
The allowable personal tax credit for solar energy equipment has not been increased since 2005 despite the fact that the purchase and installation costs remain higher than most New Yorkers can afford.
Solar energy technology has many advantages. It is a free and renewable energy source; environmentally friendly (no noise or smells); reduces or eliminates the cost of electricity; allows consumers to receive incentives and rebates from governments and utility companies; reduces reliance on foreign oil; and enables net metering, giving consumers the opportunity to sell their excess electricity or get a credit from the utility company.
Solar energy technology, however, still remains a costly alternative to the use of readily available fossil fuel technologies. The greatest obstacle to using this energy source is the initial cost of the equipment used to harness the suns energy. By increasing the solar energy equipment tax credit, more New Yorkers will be able to retrofit their homes with solar energy systems. Consumer demand will drive down the cost of solar panels, which will likely lead to an increase in solar cells to generate electricity.
Qualified solar energy expenditures include material and installation costs relating to components utilizing solar radiation to produce energy designed to provide heating, cooling, hot water, or electricity for residential use.
Fiscal implications
2008: 3.2 million; 2011: $4.0 million; the fiscal impact cannot be determined because the number of taxpayers who would take advantage of and qualify for a solar energy tax credit of an increased amount (up to $10,000) is uncertain.
Effective date
This act shall take effect immediately and shall apply to taxable years commencing on and after January 1, 2014.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.