senate Bill S3651A

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

  • 08 / Feb / 2013
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 21 / May / 2013
    • REPORTED AND COMMITTED TO FINANCE
  • 11 / Jun / 2013
    • REPORTED AND COMMITTED TO RULES
  • 11 / Jun / 2013
    • ORDERED TO THIRD READING CAL.1256
  • 12 / Jun / 2013
    • PASSED SENATE
  • 12 / Jun / 2013
    • DELIVERED TO ASSEMBLY
  • 12 / Jun / 2013
    • REFERRED TO WAYS AND MEANS
  • 08 / Jan / 2014
    • DIED IN ASSEMBLY
  • 08 / Jan / 2014
    • RETURNED TO SENATE
  • 08 / Jan / 2014
    • REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 31 / Jan / 2014
    • AMEND AND RECOMMIT TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
  • 31 / Jan / 2014
    • PRINT NUMBER 3651A
  • 29 / Apr / 2014
    • REPORTED AND COMMITTED TO FINANCE
  • 20 / May / 2014
    • 1ST REPORT CAL.841
  • 21 / May / 2014
    • 2ND REPORT CAL.
  • 28 / May / 2014
    • ADVANCED TO THIRD READING
  • 02 / Jun / 2014
    • PASSED SENATE
  • 02 / Jun / 2014
    • DELIVERED TO ASSEMBLY
  • 02 / Jun / 2014
    • REFERRED TO WAYS AND MEANS

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:
A4701A
Versions:
S3651
S3651A
Legislative Cycle:
2013-2014
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in Previous Legislative Cycles:
2011-2012: S4423A, S4623A, A7066A
2009-2010: S2602

Sponsor Memo

BILL NUMBER:S3651A

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 photovol-
taic 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 se. 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: 2011-12 S.4623A/A.7066A.

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, 2015.

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

    S. 3651--A                                            A. 4701--A

                       2013-2014 Regular Sessions

                      S E N A T E - A S S E M B L Y

                            February 8, 2013
                               ___________

IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
  ed,  and  when  printed  to  be committed to the Committee on Investi-
  gations and Government 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

IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
  to the Committee on Ways and Means -- recommitted to the Committee  on
  Ways and Means in accordance with Assembly Rule 3, sec. 2 -- 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, 2015.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08226-02-4

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