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NY S09893
Bill
Status
8/21/2024
Primary Sponsor
Robert Rolison
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AI Summary
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Transfers funding for the Department of Public Service and Public Service Commission from utility company assessments to legislative appropriations from the state treasury, with utilities still reimbursing the state.
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Requires the Public Service Commission to develop a formula calculating the average per-ratepayer cost to comply with Article 75 of the Environmental Conservation Law and disclose these costs publicly 30 days before issuing related orders or regulations (effective March 1, 2025).
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Creates a ratepayer protection tax credit for individual taxpayers with annual gross income not exceeding $250,000 to offset costs of implementing Article 75 environmental conservation requirements.
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Allows the tax credit to be carried over for five years, with excess credits refundable for taxable years beginning January 1, 2026, without interest.
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Creates a similar ratepayer protection credit for corporate taxpayers under sections 183, 184, and former section 186 of the tax law with carryover provisions limited by applicable minimum tax requirements.
Legislative Description
Relates to costs and expenses of the department of public service and the public service commission; directs the public service commission to develop a formula to determine the average cost, on a per ratepayer basis, to comply with the provisions set forth in article seventy-five of the environmental conservation law; provides for a ratepayer protection tax credit; repeals certain provisions of the public service law relating to the assessment of costs and expenses of the department of public service and the public service commission.
Last Action
REFERRED TO RULES
8/21/2024