Senate Bill S1215

2009-2010 Legislative Session

Relates to creating a tax credit for energy efficiency home improvements

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-S1215 (ACTIVE) - Details

See Assembly Version of this Bill:
A3080
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L; add §582-b, RPT L
Versions Introduced in Other Legislative Sessions:
2011-2012: S2711
2013-2014: S1669

2009-S1215 (ACTIVE) - Summary

Creates a tax credit for energy efficiency home improvements and products affixed to homes; directs NYSRDA to develop a list of qualified products and improvements and provides that such improvements shall not affect the assessed valuation of real property for tax purposes.

2009-S1215 (ACTIVE) - Sponsor Memo

2009-S1215 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1215

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            January 28, 2009
                               ___________

Introduced by Sens. THOMPSON, DILAN, FOLEY, C. JOHNSON, ONORATO, PARKER,
  SMITH  --  read  twice  and  ordered  printed,  and when printed to be
  committed to the Committee on Investigations and Government Operations

AN ACT to amend the tax law and the real property tax law,  in  relation
  to  providing  a  tax credit for the purchase of energy efficient home
  improvements

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.    Section  606  of the tax law is amended by adding a new
subsection (qq) to read as follows:
  (QQ) CREDIT FOR THE PURCHASE OF ENERGY  EFFICIENT  HOME  IMPROVEMENTS.
(1)  ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CRED-
IT, TO BE COMPUTED AS PROVIDED  IN  THIS  SUBSECTION,  AGAINST  THE  TAX
IMPOSED  BY  THIS  ARTICLE.  THE  AMOUNT OF THE CREDIT SHALL BE EQUAL TO
TWENTY-FIVE PERCENT OF THE COST OF ENERGY EFFICIENT  HOME  IMPROVEMENTS,
AS  PROVIDED  IN  PARAGRAPH TWO OF THIS SUBSECTION, UP TO A TWO THOUSAND
FIVE HUNDRED DOLLAR LIMIT FOR ALL HOME IMPROVEMENTS MADE BY SUCH TAXPAY-
ER.
  (2) THE NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY SHALL
ADOPT RULES AND REGULATIONS SETTING FORTH HOME IMPROVEMENTS WHICH QUALI-
FY FOR THE CREDIT UNDER THIS SUBSECTION. SUCH AUTHORITY SHALL DEVELOP  A
LIST  OF  SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST AVAILABLE ON
ITS WEBSITE.
  (3) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER  THIS
SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
ED  OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED
EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE
PAID THEREON.
  S 2. The real property tax law is amended  by  adding  a  new  section
582-b to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04711-01-9
              

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