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Sponsors
Senator · Senate District 61
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.
Tax credit for the purchase of voltage regulation technology
In Assembly Committee · Ways And Means · Sponsor Marcos Crespo
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3970
Title of bill
An act to amend the tax law, in relation to providing a tax credit for the purchase of voltage regulation technology
Summary of provisions
This bill amends the Tax Law.
Section 1 amends Section 210-B of the Tax Law, by adding a new subdivision 49 creating a credit for the purchase of voltage regulation technology. The section defines eligibility and other restrictions and requirements, and provides for a tax credit equal to fifty percent of the cost of voltage regulation technology, up to one thousand dollars, for all purchases made by such taxpayer
Section 2 adds a new clause (xli) to section 606 of the Tax Law providing for a credit for the purchase of voltage regulation technology under subsection (xx)
Section 3 amends section 606 by adding a new subdivision (ccc). This subsection provides for a credit for the purchase of voltage regulation technology. The section defines eligibility and other restrictions and requirements, and provides for a tax credit equal to fifty percent of the purchase price of such technology up to a one thousand dollar limit for all purchases made by such taxpayer.
Section 4 provides that this act shall take effect on the first of January next succeeding the date on which it shall have become law, and shall apply to taxable years commencing on and after such date
Purpose and justification
Demand for electricity continues to increase in New York. Supplying such increased demand must eventually lead to construction of new power plants, increased carbon emissions and increased demand for foreign oil. It makes more sense to increase efficiency, when possible, both to reduce energy costs for homeowners and businesses and to reduce the need for more electricity. This bill gives added incentive to taxpayers to invest in voltage regulation technology that will allow them to use electricity more efficiently, reducing their costs while at the same time helping our environment.
Prior legislative history
2009-10 - S.3519 -- INVESTIGATIONS 2011-12 - S.3426-A/A.10123 - FINANCE/Ways & Means 2013-14 - S.3724-A/A.2377-B - INVESTIGATIONS/Ways & Means
Fiscal implications
To be determined.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become law and shall apply to taxable years commencing on and after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.