What's happening
This bill creates a tax credit for developers who use renewable energy sources in affordable housing units in New York.
Why it matters
Encourages sustainable development. By offering a tax credit specifically for affordable housing developers who use renewable energy, the bill aims to increase the adoption of green technologies in new housing projects, helping to reduce the carbon footprint of New York’s housing stock.
Targets low-income residents. The credit is only available for units occupied by households earning less than the area median income, meaning it directly supports energy-efficient housing for those who most benefit from lower energy bills and healthier living environments.
Incentivizes larger affordable housing projects. Only buildings with ten or more units, 90% of which must qualify as affordable, are eligible—pushing developers to create larger-scale projects that address both housing shortages and climate goals.
Financially benefits developers and could speed project timelines. The refundable nature of the credit (allowing overpayments to be credited or refunded) provides a predictable financial boost for developers, potentially making affordable, eco-friendly housing projects more economically viable and attractive.
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Tax Credit for Green Housing
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3591
2019-2020 Regular Sessions
IN SENATE
February 11, 2019
Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Government Operations
AN ACT to amend the tax law, in relation to establishing a tax credit for developers utilizing renewable energy sources in affordable housing units
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The tax law is amended by adding a new section 44 to read as follows:
§ 44. Credit for utilizing renewable energy sources. (a) General. A taxpayer subject to tax under article nine-A or twenty-two of this chapter, who is a developer who uses renewable sources of energy, as such term is defined in subdivision twelve of section 1-103 of the energy law, during the construction of an affordable housing facility, shall be allowed a credit against such taxes in an amount of two thousand dollars per qualified unit and pursuant to the provisions referenced in subdivision (c) of this section.
(b) Definitions. (1) "Affordable housing facility" shall mean a building containing ten or more units, ninety percent of which are qualified units.
(2) "Qualified unit" shall mean any unit within an affordable housing facility that uses renewable sources of energy and is occupied by one or more people whose total income is less than one hundred percent of the area median income.
(c) Cross-references. For application of the credit provided for in this section, see the following provisions of this chapter:
(1) Article 9-A: Section 210-B, subdivision 53.
(2) Article 22: Section 606, subsections (i) and (jjj).
§ 2. Section 210-B of the tax law is amended by adding a new subdivision 53 to read as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09569-01-9
S. 3591 2
53. Credit for utilizing renewable energy sources. A taxpayer shall be allowed a credit, to be computed as provided in section forty-four of this chapter, against the tax imposed by this article. In no event shall the credit allowed under this subdivision for any taxable year reduce the tax due for such year to less than the amount prescribed in paragraph (d) of subdivision one of section two hundred ten of this article. However, if the amount of credit allowed under this subdivision for any taxable year reduces the tax to such amount, any amount of credit thus not deductible in such taxable year shall be treated as an overpayment of tax to be credited or refunded in accordance with the provisions of section one thousand eighty-six of this chapter. Provided, however, the provisions of subsection (c) of section one thousand eighty-eight of this chapter notwithstanding, no interest shall be paid thereon.
§ 3. Section 606 of the tax law is amended by adding a new subsection (jjj) to read as follows:
(jjj) Credit for utilizing renewable energy sources. A taxpayer shall be allowed a credit, to be computed as provided for in section fortyfour of this chapter, against the tax imposed by this article. If the amount of the credit allowed under this subsection for any taxable year shall exceed the taxpayer's tax for such 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. Subparagraph (B) of paragraph 1 of subsection (i) of section 606 of the tax law is amended by adding a new clause (xliv) to read as follows: (xliv) Credit for utilizing renewable Amount of credit under energy sources under subsection (jjj) subdivision fifty-three
of section two hundred
ten-B
§ 5. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to establish- ing a tax credit for developers utilizing renewable energy sources in affordable housing units
Purpose
Provides a tax credit to developers using renewable sources of energy, per unit of an affordable housing facility consisting of 10 or more units in order to reduce the cost of utilities that render multi-family housing unaffordable to persons between 30% and less than 100% of the AMI.
Justification
According to US HUD Secretary Donovan the Home Energy Affordability Gap Index based on energy bills for persons below 185 percent of the Federal Poverty Level. Five years ago that gap was at $34 billion and while the estimates for this past winter have yet to be published, the range of increase was approximately 30% to 70% over the prior year. The burden on the poor is more than four times the average 4 percent others pay. Util- ity cut-offs frequently result in eviction and ultimately in foreclo- sure. HUD's own programs are affected by energy costs pertaining to heating, lighting, and cooling its portfolio of public and assisted housing and section 8 vouchers. The cost of energy for public multi-fa- mily, a reliable tracked index, has been increasing at the rate of $1 billion annually.
In a Harvard study The Relationship Between Home Energy Costs And Ener- gy-Related Remodeling Activity notes that a significant erosion in renter incomes over the past decade has pushed the number of households paying excessive shares of income for housing to record levels and assistance efforts have failed to keep pace with the escalating need. As significant numbers of working class individuals struggle to pay the escalating cost for housing in excess of 30% of their income, the cost of energy is further depleting income causing a negative impact on the economy.
Legislative history
2017/18: S2869 - Referred to Investigations and Government Operations 2015-16: S.2571 - Referred to Investigations and Government Operations 2013-14: S.7513 - Referred to Investigations and Government Operations
Fiscal implications
TBD
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.