What's happening
This bill creates a tax credit for corporations in New York that purchase green construction equipment with no emissions or fossil fuel use.
Why it matters
Promotes corporate investment in clean technology. By offering a 30% tax credit on qualifying purchases, the bill creates a strong financial incentive for corporations to upgrade their fleets to zero-emission, non-fossil fuel construction equipment.
Accelerates transition away from polluting machinery. The definition of "qualified green construction equipment" specifically excludes any vehicles or machines that emit greenhouse gases, use fossil fuels, or emit toxic chemicals, pushing industry toward fully electric or otherwise non-polluting alternatives.
Caps state fiscal exposure while fostering competition. The statewide cap of $10 million per year ensures budget predictability for New York, while allocation rules may create a competitive environment among corporations seeking to secure the available credits early.
Supports state climate and public health goals. By encouraging adoption of cleaner construction equipment, the bill aims to reduce air pollution and greenhouse gas emissions in a sector known for significant environmental impacts, aligning with broader efforts to address climate change and improve air quality.
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Who cares
Headline styles
Tax Credit for Green Equipment
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to budget and revenue
- Referred to budget and revenue
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3782
2019-2020 Regular Sessions
IN SENATE
February 14, 2019
Introduced by Sen. KENNEDY -- read twice and ordered printed, and when printed to be committed to the Committee on Budget and Revenue
AN ACT to amend the tax law, in relation to providing a tax credit to corporations that purchase qualified green construction equipment
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 210-B of the tax law is amended by adding a new subdivision 53 to read as follows:
53. Green construction tax credit. (a) A taxpayer located within the state shall be allowed a credit, to be computed as hereinafter provided, against the tax imposed by this article. The amount of the credit shall be equal to thirty percent of the total expenses incurred during the taxable year in purchasing qualified green construction equipment.
(b) For the purposes of this subdivision, "qualified green construction equipment" shall be defined as heavy-duty vehicles, purchased within the state, specially designed for executing construction tasks and earthwork operations including heavy machines, heavy trucks, construction equipment, engineering equipment, heavy vehicles or heavy hydraulics. Qualified green construction equipment is prohibited from:
(i) producing greenhouse gas emissions;
(ii) utilizing fossil fuels; and
(iii) emitting toxic chemicals.
(c) The credit allowed under this subdivision for any taxable year shall not 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.
(d) The aggregate amount of tax credits allowed under this subdivision in any calendar year statewide shall be ten million dollars. Such aggregate amount of credits shall be allocated pursuant to rules and regulations promulgated by the commissioner.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04273-01-9
S. 3782 2
(e) The commissioner shall determine the procedure for certification for the credit authorized pursuant to this subdivision.
§ 2. This act shall take effect immediately and shall apply to taxable years commencing on or after such effective date.
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 providing a tax credit to corporations that purchase qualified green construction equipment
Purpose
To incentivize the purchase of sustainable, environmentally friendly construction equipment.
Summary of provisions
Section 1. Amends section 210-B of the tax law by adding a new subdivi- sion 53:
1. Provides a tax credit for companies that purchase green construction equipment
2. Defines "green construction equipment"
3. Application and eligibility of tax credit
Section 2. Effective date.
Justification
The construction industry is one of the largest sectors in the national economy, generating over $1 trillion in GDP. Unfortunately, construction equipment is one of the leading contributors to dangerous diesel pollution. According to the EPA Clean Air Act Advisory Committee, "a single bulldozer engine can emit as much particulate matter as more than 500 cars." Additionally, diesel exhaust contains carcinogens and ozone depleting compounds.
This legislation would provide financial incentives to encourage construction companies to purchase and utilize green construction equip- ment that will reduce greenhouse gas emissions and control pollution.
Legislative history
2017-18: S.8358 Referred to Investigations and Government Operations
Fiscal implications
$10 million.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.