Eliminates taxes on alternative energies

BILL NUMBER:S461

Title of bill

An act to amend the tax law, in relation to eliminating taxes on alternative energies

Purpose or general idea of bill

Eliminates taxes on alternative energies.

Summary of specific provisions

Section 1: Amends Tax Law section 1115(a) by adding a new paragraph 44. Provides that alternative energies shall include those which do not rely on petroleum or natural gas as their energy sources.

Section 2: Amends the Tax Law by adding a new section 289-g Provides that any tax levied or imposed by this article shall not apply to alternative energies.

Section 3. Effective Date

Existing law

None.

Justification

With gas prices and oil imports rising dramatically with each passing year, our national security and prosperity requires that we chart a fresh course based upon renewable, cleaner energies. Charting a course towards renewable energy sources is clearly the way ahead in the 21st century. By eliminating these taxes, we will be able to increase incentives for renewable energy production in our state. This measure will also mobilize the scientific community, promote production of fuel efficient technologies, encourage investment in more efficient factories and appliances, and expand the development of alternative energy sources such as wind, solar, and biofuels. This bill is a cornerstone of the concept that energy independence equals homeland security.

Prior legislative history

2012: S.289 - Referred to Energy and Telecommunications 2011: S.289 - Defeated in Energy and Telecommunications 2009-10: S.3150 - Referred to Energy and Telecommunications/A.4731 - Held for Consideration in Ways and Means

Fiscal implications

To be determined.

Effective date

This act shall take effect immediately.