Provides a tax deduction for the installation of mechanical insulation property

BILL NUMBER:S4766

Title of bill

An act to amend the tax law, in relation to providing a tax deduction for the installation of mechanical insulation property

Purpose

This bill will create tax incentives that will facilitate mechanical insulation maintenance to help foster energy efficiency savings and job growth throughout the state.

Summary of provisions

Section 1-amends paragraph A of subdivision 9 of section 208 of the tax law to define terms necessary to determine the proper calculation of a tax deduction for mechanical insulation.

Section 2-amends subsection c of section 612 of the tax law to define terms necessary to determine the proper calculation of a tax deduction for mechanical insulation.

Section 3-sets forth the effective date

Justification

This bill would create incentives that encourage commercial and industrial entities to go beyond current minimum requirements, as defined by the American Society of Heating, Refrigeration and Air-Conditioning Engineers, in new construction or retrofit projects and execute timely maintenance of mechanical insulation systems. Tax incentives for the commercial and industrial sectors will create jobs, boost energy efficiency, reduce carbon emissions, and help reduce our state's dependence on foreign energy sources, protect our environment and stimulate the economy.

Legislative history

S.2499 (2013-2014)

Fiscal implications

None.

Effective date

This act shall take effect on the one hundred twentieth day after it shall have become a law and shall apply to taxable years commencing on or after such effective date; provided, however, that effective immediately, the addition, amendment and/or repeal of any rile or regulation necessary for the implementation of this act on its effective date are authorized and directed to be made and completed on or before such effective date.