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
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 personal income tax for homes that meet certain energy efficiency standards
In Assembly Committee · Ways And Means · Sponsor Barbara Lifton
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5694
Title of bill
An act to amend the tax law, in relation to providing a personal income tax credit for the purchase of a home that meets certain energy efficiency standards
Purpose
To grant a $5,000 tax credit to a homebuyer for purchase of a Home Energy Rating System (HERS) 50 new home, or to purchase an existing home renovated to a 50% energy reduction. The bill grants a $7,500 tax credit for a HERS 25 new home, or a renovated home with a 75% energy reduction, and $10,000 tax credit for a Zero-Net-Energy home, or purchased existing home renovated to Zero-Net-Energy.
Summary of provisions
The bill adds subsection (ww) § 606 of the tax law, allowing for the purchaser of any eligible real property, defined as the primary residence of the taxpayer with a HERS rating of 50 or less, to receive a refundable New York State tax credit.
Existing law
§ 606 of the tax law.
Justification
This bill combines a refundable state tax credit with energy reduction targets, to greatly spur private spending on new building construction, renovate the existing residential building stock, reduce the foreclosed home inventory, and generate much-needed jobs and tax revenue. The program will pay for itself through an increase in the tax base and construction jobs, while reducing greenhouse gas emissions.
Legislative history
New bill.
Fiscal implications
To be determined.
Effective date
30 days; with provisions.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.