What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
History
- Referred to investigations and government operations
- 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.
Provides a tax deduction for the installation of mechanical insulation property
In Assembly Committee · Ways And Means · Sponsor Andrew Hevesi
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2499
Title of bill
An act to amend the tax law, in relation to providing a tax deduction for the installation of mechanical insulation property
Purpose
This bill will create tax incentives that will facilitate mechanical insulation maintenance to help foster energy efficiency savings and job growth throughout the state.
Summary of provisions
Section 1-amends paragraph a of subdivision 9 of section 208 of the tax law to define terms necessary to determine the proper calculation of a tax deduction for mechanical insulation.
Section 2-amends subsection c of section 612 of the tax law to define terms necessary to determine the proper calculation of a tax deduction for mechanical insulation.
Section 3-sets forth the effective date
Justification
This bill would create incentives that encourage commercial and industrial entities to go beyond current minimum requirements, as defined by the American Society of Heating, Refrigeration and Air-Conditioning Engineers, in new construction or retrofit projects and execute timely maintenance of mechanical insulation systems. Tax incentives for the commercial and industrial sectors will create jobs, boost energy efficiency, reduce carbon emissions, and help reduce our state's dependence on foreign energy sources, protect our environment and stimulate the economy.
Legislative history
This is a new bill.
Fiscal implications
None to state.
Effective date
This act shall take effect on the one hundred twentieth day after it shall have become a law and shall apply to taxable years commencing on or after such effective date; provided, however, that effective immediately, the addition, amendment and/or repeal of any rile or regulation necessary for the implementation of this act on its effective date are authorized and directed to be made and completed on or before such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.