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Full text
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Sponsor's memo
BILL NUMBER:S7572
Title of bill
An act to amend the tax law, in relation to a small business grid renewable energy tax credit
Purpose
To create incentives for small businesses located within a business grid to retrofit or improve existing structures with renewable energy generation sources.
Summary of provisions
Section One of the bill creates a small business grid renewable energy tax credit.
Section Two provides for the parameters within a small business may be eligible for such a renewable energy tax credit.
Section Four that this act shall take effect on the first of January next succeeding the date on which it shall have become law.
Justification
New York's most effective creators of jobs are small and "micro" businesses. Beginning the early 2000s, those two areas of the economy have begun employing the largest number of employees, and are the largest contributors of salary and investment "spin-off" effects in our communities, replacing the roles traditionally played by large corporations.
Despite that reality however, New York does not provide enough support for its vibrant small and micro-business community. This bill will provide tax credits to small and micro-businesses located in business grids that will incentivize such businesses to retrofit or improve their properties by installing renewable energy generation equipment. Freeing these job creating entities from the unpredictable price increases of the energy market, and stemming capital outflow will enable our small and micro-businesses to invest more capital on expanding and honing their businesses, and upon creating the additional jobs needed to drag New York's economy upward from the lingering effects of the Great Recession of 2008-2013.
Legislative history
None. This is a new bill.
Fiscal implications
It is anticipated that the revenues arising from the increase in small business activity will offset the cost of the credit.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.