NY A06945

Establishes a carbon emissions reduction tax credit for single family homes (up to $5,000) and multi-family dwellings with at least five units (up to $25,000) for heating or cooling system improvements that increase efficiency or reduce fuel usage by at least ten percent.

Eligible improvements include high efficiency boilers or furnaces, burner replacements, on-site renewable generation, and fuel catalyst systems, with a required return on investment of five years or less.

Requires applicants to submit applications through the New York State Energy Research and Development Authority with inspection reports, documentation of costs, and invoices, with approval by the Department of Taxation and Finance by the end of the applicable tax year.

Allocates $15 million in funding for fiscal years 2013-2014 and 2014-2015, then $3 million annually through fiscal year 2020-2021, sourced from proceeds from the auction of emission allowances collected by the authority.

Takes effect 180 days after becoming law.