Relates to establishing a corporate and a personal income tax credit for wind energy system equipment

BILL NUMBER:S7449

Title of bill

An act to amend the tax law, in relation to establishing a corporate and a personal income tax credit for wind energy system equipment

Purpose

Relates to establishing a corporate and a personal income tax credit for wind energy system equipment

Summary of provisions

Section 1 adds a new subdivision 50 to Section 210 of the tax law to create the wind energy system equipment credit, which will allow custom- er-generators a tax credit of twenty-five percent of qualified expendi- tures on wind electric generating equipment, not to exceed seven thou- sand five hundred dollars

Section 2 amends several subsections of section 606 of the tax law

Section 3 sets an immediate effective date.

Justification

New York has considerable wind energy resources, partic- ularly in the central and western parts of the State. Small wind turbines have been developed for residential and farm applications, which provide a variety of public and private benefits. Wind energy has emerged as a viable clean method for electric generation and can reduce customer electric bills. Wind energy does not depend on imported fossil fuel and avoids pollution from conventional electric power generation. Small wind generators are cost effective, have zero-emissions and are an environmentally responsible method for electric production. This tax credit would encourage New Yorkers to move into this major sustainable energy source, as well as helping attract a wind turbine manufacturer to New York.

Legislative history

This is a new bill.

Local fiscal implications

None

Effective date

This act shall take effect immediately.