senate Bill S1669

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

  • 09 / Jan / 2013
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 08 / Jan / 2014
    • 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:
A885
Versions:
S1669
Legislative Cycle:
2013-2014
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 Previous Legislative Cycles:
2011-2012: S2711B, A8189A
2009-2010: S1215

Sponsor Memo

BILL NUMBER:S1669

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 to25o 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
S. 2711B Referred to Senate 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
________________________________________________________________________

                                  1669

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced by Sens. GRISANTI, MAZIARZ -- 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 (vv) to read as follows:
  (VV) 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
EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE
PAID THEREON.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02515-01-3

S. 1669                             2

  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
(VV) 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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