senate Bill S4623A

Extends the solar energy system equipment tax credit carryover period

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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

  • 13 / Apr / 2011
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 07 / Jun / 2011
    • 1ST REPORT CAL.1118
  • 13 / Jun / 2011
    • 2ND REPORT CAL.
  • 14 / Jun / 2011
    • ADVANCED TO THIRD READING
  • 24 / Jun / 2011
    • COMMITTED TO RULES
  • 04 / Jan / 2012
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 18 / May / 2012
    • AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 18 / May / 2012
    • PRINT NUMBER 4623A
  • 31 / May / 2012
    • REPORTED AND COMMITTED TO FINANCE

Summary

Extends the solar energy system equipment tax credit carryover period from five years to ten years.

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Bill Details

See Assembly Version of this Bill:
A7066A
Versions:
S4623
S4623A
Legislative Cycle:
2011-2012
Current Committee:
Senate Finance
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L

Votes

6
0
6
Aye
0
Nay
1
aye with reservations
0
absent
1
excused
0
abstained
show Investigations and Government Operations committee vote details
aye wr (1)
excused (1)

Sponsor Memo

BILL NUMBER:S4623A

TITLE OF BILL:
An act
to amend the tax law, in relation to the solar energy system equipment
tax credit

PURPOSE:
This legislation extends the solar energy system equipment tax credit
carryover period from five to ten years.

SUMMARY OF PROVISIONS:
Paragraph 8 of subsection (g-1) of Section 606 of the tax law, as
amended by Chapter 378 of the Laws of 2005 and as renumbered by
Chapter 128 of the Laws of 2007, is amended to extend the solar
energy system equipment tax credit carryover period from five to ten
taxable years.

JUSTIFICATION:
New York's solar energy system equipment tax credit provides
individuals with an incentive to choose to invest in photovoltaic
systems as an alternative energy choice. The current credit system,
subject to certain limits, is 25% of the qualified solar energy
system equipment expenditures for the purchase and installation of a
system that uses solar radiation to produce energy for heating,
cooling, hot water or electricity for residential use. If the credit
is greater than the amount of taxes owed, the balance will not be
refunded. However, any credit amount in excess of the tax due can be
carried over for a maximum of up to five years. In some cases,
individuals with lower incomes would not have enough income tax
liability over a five-year period to claim the full amount of the
individual credit. This legislation will extend such carryover period
from five to ten years to better afford those individuals with the
opportunity to receive the full amount of their tax credit.

LEGISLATIVE HISTORY:
New legislation.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2013.

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

                                 4623--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 13, 2011
                               ___________

Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations -- recommitted to the Committee on Investigations  and
  Government  Operations  in  accordance  with  Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN  ACT  to  amend  the  tax law, in relation to the solar energy system
  equipment tax credit

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

  Section  1.  Paragraph 8 of subsection (g-1) of section 606 of the tax
law, as amended by chapter 378 of the laws of 2005 and as renumbered  by
chapter 128 of the laws of 2007, is amended to read as follows:
  (8)  Carryover  of credit. If the amount of the credit, and carryovers
of such credit, allowable under this subsection  for  any  taxable  year
shall exceed the taxpayer's tax for such year, such excess amount may be
carried  over to the [five] TEN taxable years next following the taxable
year with respect to which the credit is allowed  and  may  be  deducted
from the taxpayer's tax for such year or years.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2013.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01243-02-2

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