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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to investigations and government operations
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 business franchise and personal income tax credits for certain renewable energy system equipment; to repeal subsection (g-1) of section 606 of such law relating to solar energy system equipment; and providing for the repeal of such provisions upon the expiration thereof
Purpose
The legislation establishes renewable energy system equipment business franchise and personal income tax credits for residential properties.
Summary of provisions
Section 1: Adds a new subdivision 24-a to section 210-B of the tax law.
Justification
There has been a surge in interest for incorporating renewable energy on residential properties. This legislation allows for a personal income tax credit when a tax payer buys, leases or enters into a purchase of power agreement for renewable energy system equipment. The personal income tax credit cannot exceed five thousand dollars.
Currently, there is a personal tax credit only available for solar energy equipment. There have been improvements in renewable energy equipment that have made it possible for other types of renewable energy systems to be utilized at residents. This legislation updates the law to allow for a personal income tax credit for any kind of renewable energy system equipment.
Legislative history
This is a new bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.