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History
- Print number 206a
- Amend and recommit to energy and telecommunications
- Referred to energy and telecommunications
- Referred to energy and telecommunications
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to establishing a tax credit for alternative energy systems and generating equipment
Purpose
The purpose of this legislation is to encourage the investment in and continued use of alternative energy systems and generating equipment through tax credits which will assist in offsetting the initial costs of constructing and installing solar and wind energy system equipment and fuel cell electric generating equipment.
Summary of provisions
Section 1 - would amend the tax law by adding a new section 28-a to establish a tax credit for alternative energy systems and generating equipment.
Sections 2, 3, 4, 5 and 6 - amend the tax law to allow for alternative energy systems and generating equipment credits, as would be established pursuant to section one of this legislation, within Articles nine-a, twenty-two, thirty-two and thirty-three of the tax law.
Section 7 - Effective date.
Existing law
A personal income tax credit currently exists for individuals who invest in solar electric technologies for residential use.
Justification
The provision of a tax credit for business corporations would encourage the business community to invest in alternative energy systems. The additional investment in solar energy and fuel cell electric generating equipment would enhance the diversification of New York's reliance on non-renewable technologies and help protect our environment with cleaner energy sources. A tax credit to assist businesses in offsetting the cost of developing and installing these self-sufficient and renewable energy systems would provide the additional incentive for these businesses to invest in such equipment thereby decreasing their need for traditional energy sources.
Legislative history
2013-14: S.4710A 2011-12: S.2483A 2009-10: S.1361A 2007-08: S.1634B
Fiscal implications
To be determined
Effective date
This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2017.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.