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Sponsors
1 Co-sponsor
History
- Vetoed memo.256
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.251
- Substituted for A6420A
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 60–0
- Amended on third reading (t) 3945a
- Ordered to third reading cal.357
- Committee discharged and committed to rules
Show 1 earlier action
- 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 the green building credit for construction or rehabilitation of property in conformity with certain energy efficiency standards
Assembly Floor Calendar · Sponsor Steven Otis
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3945A
Title of bill
An act to amend the tax law, in relation to establishing the green building credit
Purpose
The current tax credits available for "green buildings" are largely inaccessible to individual homeowners because of their complexity, This legislation simplifies the process by permitting individual homeowners to receive Leadership in Energy & Environmental Design (LEED) or National Association of Home Builders (NAHB) certification for green homes and then use that certification to apply for the existing green buildings tax credits.
Summary of provisions
Section 1 - amends the section 606 of the tax law by creating a new subsection (ccc) which permits homeowners who have homes certified as LEED or NAHB green to receive a tax credit. The credit shall not exceed $10,000 a year and may only be claimed by an individual taxpayer once every 10 years.
Section 2 - Effective Date, January 1, 2015
Justification
One of the barriers to green homes is the perceived high cost of construction and up-front costs. The National Association of Homebuild- ers reports that demand for green homes continues to rise. In 2011, the green market for homes represented about 17% of overall market share. The overall share of the market is estimated to increase anywhere from 29% to 38%. According to NAHB, 61% of costumers are willing to pay a higher cost for new green construction, and 66% of costumers are willing to pay a higher cost for remolded green homes.
In order to spur the development of green homes in New York, this tax credit will enable homeowners to recoup some of the up-front costs of "greening" their homes. The benefits to homeowners include lower energy costs, higher property values, and a more sustainable home.
Legislative history
New Bill
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, 2015.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.