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NY A00287
Bill
Status
1/5/2011
Primary Sponsor
William Barclay
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AI Summary
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Establishes a tax credit for businesses installing solar, wind, fuel cell, and geothermal energy systems at New York State properties, applicable to taxpayers under Articles 9-A, 22, 32, and 33 of the Tax Law.
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Credits cover 50% of qualified expenses for solar and wind equipment (Articles 9-A, 32, 33) and 45% for Article 22 taxpayers; 45% for fuel cell and geothermal systems (Articles 9, 9-A, 32, 33) and 40% for Article 22 taxpayers.
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Qualified expenditures include materials, labor, installation, architectural and engineering services for alternative energy equipment installation, excluding interest charges and federal/state grants not included in federal gross income.
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Requires taxpayers to obtain a Credit Component Certificate from the New York State Energy Research and Development Authority after equipment installation and three months of continuous operation, with a filing fee of $50 for each $5 million in gross receipts above $5 million.
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Unused credits may be carried forward for five taxable years; equipment disposed of within five years after the initial credit year triggers recapture of benefits unless due to malfunction beyond taxpayer control or replacement with more efficient systems approved by state agencies.
Legislative Description
Establishes an alternative energy systems and generating equipment tax credit for qualified expenditures meeting the criteria prescribed by the department of taxation and finance, in consultation with the department of environmental conservation and the New York state energy research and development authority, for taxpayers subject to tax under articles nine-A, twenty-two, thirty-two and thirty-three of the tax law whose business is not substantially engaged in the commercial generation, distribution, transmission or servicing of energy or energy products.
Last Action
referred to ways and means
1/5/2011