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Sponsors
Senator · Senate District 40
No co-sponsors yet.
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.
Establishes a credit against income tax for wind electric generating equipment expenditures
In Assembly Committee · Ways And Means · Sponsor Aileen Gunther
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4304
Title of bill
An act to amend the tax law, in relation to establishing a credit against tax for wind electric generating equipment installed on farm property
Purpose
The purpose of this bill is to allow farmers to provide for on-site wind electric generation facilities and receive a tax credit.
Summary of provisions
Section 1 of the bill amends the tax law by creating the wind electric generating equipment tax credit of up to $7,500.00. It also defines the qualified wind electric generating equipment expenditures: sets a cap on wattage; and limits the credit to generating capacity of 100 K/W.
Justification
Electric energy costs are a significant component of farm economics. On-site generation can be effective not only to reduce energy cost but also to protect farmers from the devastating costs of natural disasters.
Electric power production from renewable energy technologies could make an important contribution to NY's energy needs. This initiative will help stabilize long term power costs, promote economic development upstate and provide reliable peak power to meet farming needs.
Implementation also put downward pressure on wholesale electric prices and may have the same impact, by extension, on wholesale gas prices. This legislation is needed to protect and encourage cost-effective agriculture and to preserve farm jobs in New York State.
Legislative history
2011-12: A387 referred to Ways and Means 2009-10: A1087 referred to Ways and Means 2007-08: Al228 referred to Ways and Means 2005-06: A397 referred to Ways and Means 2003-04: A.9524 - referred to Ways and Means 2001-02 - A.8916 - referred to Ways and Means/S5229 referred to Investigations and Government Operations
Fiscal implications
2013: $375,000.00 2014: $562,200.00 2015: $900,000.00 2016: $1,200,000.00 2017-2020: $1,500,000.00
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.