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Sponsors
Senator · Senate District 62
3 Co-sponsors
History
- Substituted by A9925
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1174
- Reported and committed to finance
- 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 tax credit for the purchase and installation of geothermal energy systems
Vetoed · Sponsor Sean Ryan
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 credit for geothermal energy systems
Purpose or general idea of the bill
This bill establishes a tax credit for the purchase and installation of geothermal energy systems.
Summary of specific provisions
Section 606 of the tax law is amended by adding a new subsection (g-3) to extend tax credits to cover the purchase and installation costs of geothermal energy systems.
Justification
Geothermal energy systems provide natural and renewable energy. The systems do not require the burning of fossil fuels and emit almost no carbon gases. They are efficient and much better for the environment than are conventional methods of supplying heat to buildings. Allowing a tax credit will increase the use of geothermal energy systems. This will create more green jobs and reduce the amount of carbon used to heat buildings.
Prior legislative history
Veto 260 of 2015
Fiscal implications
To be determined
Effective date
Immediately and shall apply to taxable years commencing on and after January 1, 2016.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.