NY S00149

Expands the existing 25 percent tax credit for solar energy system equipment to include leasing of solar equipment and purchasing power from solar equipment under written agreements spanning at least 10 years.

Allows individuals to claim tax credits for leased solar equipment or purchased solar power when the equipment is installed at their principal residence in New York State and owned by another person.

Defines qualified expenditures for leases and power purchase agreements as all payments made during the taxable year under such agreements, with credits allowed for up to 14 years after the first year the credit is claimed.

Applies the 25 percent credit limitation to the total aggregate amount of all payments under a lease or power purchase agreement rather than to individual annual payments.

Maintains existing maximum tax credit amounts of $3,750 for equipment placed in service before September 1, 2006, and $5,000 for equipment placed in service on or after that date.