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NY A00287
Bill
Status
1/5/2011
Primary Sponsor
Clifford Crouch
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AI Summary
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Establishes a tax credit for businesses installing solar, wind, fuel cell, and geothermal alternative energy systems in New York State, applicable to taxpayers under Articles 9-A, 22, 32, and 33 of tax law.
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Credit rates are 50 percent of qualified expenses for solar and wind equipment (Articles 9-A, 32, 33) and 45 percent for Articles 22; 45 percent for fuel cell and geothermal systems (Articles 9, 9-A, 32, 33) and 40 percent for Article 22.
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Qualified expenditures include costs for materials, labor, installation, architectural and engineering services for eligible equipment at business properties in New York State, excluding finance charges and federal/state grants not included in federal gross income.
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Requires applicants to submit a credit component certificate to the New York State Energy Research and Development Authority after equipment installation and three months of operation, with a $50 fee per $5 million of gross receipts above the first $5 million.
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Unused credits may be carried forward for up to five taxable years; equipment must remain in use for five years or benefits are recaptured unless replaced with more efficient systems or disposed due to inoperability beyond taxpayer control.
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
held for consideration in ways and means
6/19/2012