What's happening
This bill creates a personal income tax credit for purchasing energy-efficient homes in New York, based on HERS ratings.
Why it matters
Direct financial incentives for buyers. By offering up to $10,000 in refundable tax credits, the bill significantly offsets the higher upfront costs often associated with purchasing or renovating highly energy-efficient homes, making these options more financially accessible to a broader range of New Yorkers.
Encourages energy efficiency in housing. Tying the credit amount to a home’s HERS (Home Energy Rating System) index score directly incentivizes buyers to choose properties with superior energy performance, potentially accelerating the adoption of advanced energy-saving technologies and construction methods.
Potential for long-term savings and emissions reduction. Since homes qualifying for the credit must meet strict efficiency standards (HERS 50 or lower), purchasers may benefit from lower utility bills over time, while the broader state housing stock moves toward reduced greenhouse gas emissions.
Applies to both new and renovated homes as primary residences. The bill supports not only new construction but also the renovation of existing homes, broadening its impact to include upgrades of older housing stock, and it ensures the incentive targets owner-occupied dwellings, maximizing benefits for residents rather than investors.
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Who cares
Headline styles
Tax Credit for Efficient Homes
Plain English, a few words. Used as the page title.
Sponsors
3 Multi-sponsors
History
- Referred to ways and means
- Referred to ways and means
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2547
2017-2018 Regular Sessions
IN ASSEMBLY
January 20, 2017
Introduced by M. of A. LIFTON, LUPARDO, O'DONNELL, THIELE, SKOUFIS -- Multi-Sponsored by -- M. of A. JAFFEE, SKARTADOS, STECK -- read once and referred to the Committee on Ways and Means
AN ACT to amend the tax law, in relation to providing a personal income tax credit for the purchase of a home that meets certain energy efficiency standards
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 606 of the tax law is amended by adding a new subsection (ccc) to read as follows:
(ccc) HERS home credit. (1) A taxpayer shall be allowed a credit as provided in this subsection against the tax imposed by this article for the purchase of eligible real property. The amount of the credit shall be as follows:
(i) five thousand dollars for the purchase of a new or renovated home rated fifty or lower but higher than twenty-five on the HERS index;
(ii) seven thousand five hundred dollars for the purchase of a new or renovated home rated twenty-five or lower but higher than zero on the HERS index;
(iii) ten thousand dollars for the purchase of a new or renovated home rated zero on the HERS index;
(2) In the case of a husband and wife who file a joint federal return, but who are required to determine their state taxes separately, the credit allowed pursuant to this subsection may be applied against the tax imposed of either or divided between them as they may elect.
(3) If the amount of the credit allowed under this subsection shall exceed the taxpayer's tax for the taxable year, the excess shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section six hundred eighty-six of this article, provided, however, that no interest shall be paid thereon.
(4) For the purposes of this subsection, the terms:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07908-01-7
A. 2547 2
(i) "eligible real property" shall mean a newly constructed or renovated one or two family residence in this state, that is:
(A) the primary residence of the taxpayer; and
(B) has a rating on the home energy rating system of fifty or less.
(ii) "HERS" shall mean the home energy rating system.
§ 2. This act shall take effect on the thirtieth day after it shall have become a law and shall apply to eligible real property purchased pursuant to contracts of sale executed on or after such effective date.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.