senate Bill S2711B

Relates to creating a tax credit for energy efficiency home improvements

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 31 / Jan / 2011
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 06 / Jun / 2011
    • AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 06 / Jun / 2011
    • PRINT NUMBER 2711A
  • 08 / Jun / 2011
    • AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 08 / Jun / 2011
    • PRINT NUMBER 2711B
  • 04 / Jan / 2012
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Summary

Creates a tax credit for energy efficiency home improvements and products affixed to homes; directs NYSERDA 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.

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Bill Details

See Assembly Version of this Bill:
A8189A
Versions:
S2711
S2711A
S2711B
Legislative Cycle:
2011-2012
Current Committee:
Senate Investigations And Government Operations
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L; add §582-b, RPT L
Versions Introduced in 2009-2010 Legislative Cycle:
S1215

Sponsor Memo

BILL NUMBER:S2711B

TITLE OF BILL:
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

PURPOSE:
To provide an income tax credit of up to 25% of the cost of
any items that improve the energy efficiency of a home, up to $2,500.
Also requires the New York State Energy Research and Development
Agency (NYSERDA) to develop a list of acceptable energy efficiency
improvements that will be covered under the program and provides that
such upgrades shall not affect the assessed value of the home.

SUMMARY OF SPECIFIC PROVISIONS:
Section 1 amends the tax law to provide an
income tax credit of up to 25% of the cost of any items that improve
the energy efficiency of a home, up to a maximum of $2,500. Also
directs NYSERDA to adopt rules and regulations setting forth home
improvements which qualify for the tax credit and have them provide
such list on their website.

Section 2 amends the Real Property Tax law by requiring that any
energy efficiency upgrades not affect the assessed value of the home.

Section 3 provides that this act will take effect on the first of
January of the following year after it becomes law.

JUSTIFICATION:
Many energy efficient products can raise the value of a
home.
Increased assessments as a result of increases home values could be a
deterrent to a homeowner to replacing inefficient materials with
energy efficient ones. This legislation will help to offset the cost
of any items that improve the energy efficiency of a home (i.e. new
windows, insulation).

PRIOR LEGISLATIVE HISTORY:
S.4159 of 2007/08; Referred to Investigations
S.1215 of 2009/10; Reported to Finance

FISCAL IMPLICATIONS:
Fiscal implications will depend on program
participation. Costs per household are specific in the legislation.

EFFECTIVE DATE:
This act shall take effect on the
first of January
next succeeding the date on which it shall become law.

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

                                 2711--B

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 31, 2011
                               ___________

Introduced  by  Sens. GRISANTI, DeFRANCISCO, HANNON, JOHNSON, MAZIARZ --
  read twice and ordered printed, and when printed to  be  committed  to
  the Committee on Investigations and Government Operations -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to  said  committee  --  committee  discharged,  bill amended, ordered
  reprinted as amended and recommitted to said committee

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 (tt) to read as follows:
  (TT) 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 TO THE TAXPAYER'S PRINCIPAL RESIDENCE, IF SUCH RESIDENCE  IS  LOCATED
WITHIN THIS STATE.
  (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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07933-04-1

S. 2711--B                          2

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:
  S 582-B. ENERGY EFFICIENT HOME IMPROVEMENTS. ENERGY EFFICIENT PRODUCTS
AND HOME IMPROVEMENTS WHICH QUALIFIED FOR A TAX CREDIT UNDER  SUBSECTION
(TT)  OF  SECTION  SIX HUNDRED SIX OF THE TAX LAW SHALL NOT INCREASE THE
ASSESSED VALUATION FOR PURPOSES OF REAL PROPERTY TAXATION  OF  ANY  REAL
PROPERTY TO WHICH SUCH IMPROVEMENTS ARE MADE OR PRODUCTS ARE AFFIXED.
  S  3. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a  law  and  shall  apply  to
taxable years commencing on and after such date.

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