NY A11492

Expands the definition of qualified solar energy system equipment expenditures to include leasing solar equipment under written agreements spanning at least ten years where the equipment is owned by someone other than the taxpayer

Adds eligibility for tax credits when taxpayers purchase power generated by solar energy system equipment owned by another person under written agreements lasting at least ten years

Requires all solar equipment to be installed at residential property located in New York State and used by the taxpayer as their principal residence when the system is placed in service

Specifies that qualified expenditures for leases and power purchase agreements include all payments made under the agreement for the initial term, including upfront amounts

Clarifies that "person" has the same meaning as defined in Internal Revenue Code Section 7701(c)(1); effective retroactively to January 1, 2010