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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.
Establishes a personal income tax credit for the purchase and installation of new residential energy storage systems
In Assembly Committee · Ways And Means · Sponsor Steven Englebright
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5744 Revised 06/17/15
Title of bill
An act to amend the tax law, in relation to establishing a personal income tax credit for the purchase and installation of a new residential energy storage system
Purpose
To incentivize the use of renewable energy for residential homeowners using an energy storage system to power their homes.
Summary of provisions
The tax law is amended by adding section g-3 to section 606.
Justification
Providing a capped tax rebate for energy storage systems and energy storage devices will help reduce energy costs for New Yorkers, and lower the carbon footprint of New York State. Energy Storage Devices have made significant technological leaps recently, particularly in home power storage. Energy Storage Systems couple new battery technology with renewable energy power generation systems. The act will lower cost barriers for homeowners in acquiring new Energy Storage. These systems will lower homeowner's energy costs in the long run, and prove to be a boon to the environment.
Legislative history
New bill.
Fiscal implications
The fiscal impact cannot be determined because the number of taxpayers who would take advantage of and qualify for this program is uncertain.
Effective date
This act shall take effect immediately, and shall apply to the tax year in which it shall take effect and all subsequent tax years.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.