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NY A02069
Bill
Status
1/15/2015
Primary Sponsor
Clifford Crouch
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AI Summary
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Establishes a tax credit for businesses that install solar, wind, fuel cell, geothermal, or biomass energy equipment in New York State, with credit rates ranging from 40-50% of qualified expenditures depending on equipment type and taxpayer classification.
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Applies to businesses subject to Articles 9-A, 22, or 33 of the tax law that employ at least one full-time employee and are not primarily engaged in commercial energy generation, distribution, transmission, or servicing.
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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 $50 application fee per $5 million in gross receipts above $5 million.
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Allows unused credits to carry forward for up to five subsequent tax years and imposes recapture provisions if equipment is discontinued within five years of initial credit allowance, except for equipment failure or replacement with more efficient systems.
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Applies to qualified expenditures incurred after January 1, 2016, covering costs for materials, labor, installation, and engineering services directly related to equipment construction or installation at New York State business properties.
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
6/14/2016