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Who cares
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Sponsors
No co-sponsors yet.
History
- Print number 6477a
- Amend and recommit 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.
Relates to establishing a zero carbon emission tax credit
In Assembly Committee · Ways And Means · Sponsor Albert A. Stirpe
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 zero carbon emission tax credit
Purpose
To create a corporate franchise tax credit for taxpayers that are located in certain counties with certain nameplate capacities.
Summary of provisions
Section 1 amends § 210-B of the Tax Law by adding a new subdivision creating the zero carbon emission tax credit. The credit is claimed against the corporate franchise tax and is available to taxpayers that are located in counties with a population of 122,109 according to the 2010 census, and have a nameplate capacity of 882 megawatts. The credit is refundable and equals the amount of $60 million. This section also provides a recapture provision requiring the benefitting taxpaying facility to refuel in 2016 and in 2018 and requires that the facility continue to operate as an electric generating facility until 2020. Failure to adhere to these requirements will result in the $60 million credit being added back to the taxpayer's liability.
Section 2 provides the effective date.
Existing law
Article 9-A relates to the franchise tax on business corporations. Section 210-B of this Article enumerates the credits for the franchise tax. This bill provides a new credit to this section.
Justification
Currently, state programming, like the Regional Greenhouse Gas Initiative and the Renewable Portfolio Standard, places a great emphasis on the use of renewable technologies to reduce carbon emissions in our state. However, these programs should also support the use of other low carbon emitting sources of electricity. This bill ensures that markets for low carbon electricity producers are supported to reduce carbon emissions.
Legislative history
New bill.
Fiscal implications
This bill would cost $60 million to the state.
Effective date
This act shall take effect immediately and shall apply to the taxable year 2015.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.