NY State Senate Bill 2015-S6560

Senate Bill S6560

2015-2016 Legislative Session

Establishes the green building credit for construction or rehabilitation of property in conformity with certain energy efficiency standards

download bill text pdf

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 02, 2016	reported and committed to finance
Jan 26, 2016	referred to investigations and government operations

Votes

- Jun 2, 2016 - Investigations And Government Operations Committee Vote
  S6560
  
  8
  
  Aye
  
  0
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Investigations And Government Operations Committee Vote: Jun 2, 2016
      
      aye (8)
      
      Carlucci
      
      Golden
      
      Hoylman-Sigal
      
      Lanza
      
      Murphy
      
      Nozzolio
      
      O'Mara
      
      Squadron
      
      excused (1)
      
      Diaz

2015-S6560 (ACTIVE) - Details

Current Committee:: Senate Finance
Law Section:: Tax Law
Laws Affected:: Amd §606, Tax L
Versions Introduced in 2017-2018 Legislative Session:: S1929

2015-S6560 (ACTIVE) - Summary

Establishes the green building credit for construction or rehabilitation of property in conformity with certain energy efficiency standards.

2015-S6560 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S6560

 TITLE OF BILL :  An act to amend the tax law, in relation to
establishing the green building credit

 PURPOSE OR GENERAL IDEA OF BILL :

The current tax credits available for "green buildings" are largely
inaccessible to individual homeowners because of their complexity.
This legislation simplifies the process by permitting individual
homeowners to receive Leadership in Energy & Environmental Design
(LEED) or National.Association of Home Builders (NAHB) certification
for green homes and then use that certification to apply for the
existing green buildings tax credits.

 SUMMARY OF PROVISIONS :

Section 1 - amends the section 606 of the tax law by creating a new
subsection (ccc) which permits homeowners who have homes certified as
LEED or NAHB green to receive a tax credit. The credit shall not
exceed $10,000 a year and may only be claimed by an individual
taxpayer once every 10 years.

Section 2 - Effective Date, January 1, 2016.

 JUSTIFICATION :

One of the barriers to green homes is the perceived high cost of
construction and up-front costs. The National Association of
Homebuilders reports that demand for green homes continues to rise.
In 2011, the green market for homes represented about 17% of overall
market share. The overall share of the market is estimated to increase
anywhere from 29% to 38%. According to NAHB, 61% of costumers are
willing to pay a higher cost for new green construction, and 66% of
costumers are willing to pay a higher cost for remolded green homes.

In order to spur the development of green homes in New York, this tax
credit will enable homeowners to recoup some of the up-front costs of
"greening" their homes. The benefits to homeowners include lower
energy costs, higher property values, and a more sustainable home.

 PRIOR LEGISLATIVE HISTORY :

2013-2014: S3945-A/A6420-A (Otis): Passed Both Houses, Vetoed - Veto
Message No. 256/2015

 FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS :

To be determined

 EFFECTIVE DATE :
This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2016.

2015-S6560 (ACTIVE) - Bill Text download pdf

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

                                  6560

                            I N  S E N A T E

                            January 26, 2016
                               ___________

Introduced  by  Sen.  AVELLA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment Operations

AN ACT to amend the tax law,  in  relation  to  establishing  the  green
  building credit

  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 (ccc) to read as follows:
  (CCC) GREEN BUILDING CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER SHALL
BE  ALLOWED  A  CREDIT  AGAINST THE TAX IMPOSED BY THIS ARTICLE PROVIDED
THAT SUCH TAXPAYER CONSTRUCTS OR  REHABILITATES  QUALIFYING  RESIDENTIAL
REAL PROPERTY IN CONFORMITY WITH ENERGY EFFICIENCY STANDARDS ESTABLISHED
BY THE NATIONAL ASSOCIATION OF HOME BUILDERS OR THE LEADERSHIP IN ENERGY
AND  ENVIRONMENTAL  DESIGN  RATING SYSTEM DEVELOPED BY THE UNITED STATES
GREEN BUILDING COUNCIL AND FASHIONS PROOF  THEREOF  IN  ACCORDANCE  WITH
RULES  AND REGULATIONS PROMULGATED BY THE COMMISSIONER OF THE DEPARTMENT
OF ENVIRONMENTAL CONSERVATION IN CONJUNCTION WITH THE COMMISSIONER.
  (2) AMOUNT OF CREDIT. THE AMOUNT OF THE CREDIT SHALL BE EQUAL  TO  THE
ALLOWABLE  COSTS  PAID  OR  INCURRED  BY THE TAXPAYER, IF THE OWNER, FOR
EITHER THE CONSTRUCTION OR REHABILITATION OF QUALIFYING RESIDENTIAL REAL
PROPERTY IN CONFORMITY WITH ENERGY EFFICIENCY STANDARDS  ESTABLISHED  BY
THE  NATIONAL  ASSOCIATION  OF HOME BUILDERS OR THE LEADERSHIP IN ENERGY
AND ENVIRONMENTAL DESIGN RATING SYSTEM DEVELOPED BY  THE  UNITED  STATES
GREEN  BUILDING  COUNCIL;  PROVIDED, HOWEVER, THAT SUCH CREDIT SHALL NOT
EXCEED TEN THOUSAND DOLLARS AND SHALL NOT BE AWARDED MORE THAN ONCE IN A
PERIOD OF TEN YEARS.
  (3) FOR THE  PURPOSE  OF  THIS  SUBSECTION,  "ALLOWABLE  COSTS"  MEANS
AMOUNTS  PROPERLY  CHARGEABLE TO AN ACCOUNT (OTHER THAN FOR LAND), WHICH
ARE PAID OR INCURRED ON OR AFTER JANUARY FIRST,  TWO  THOUSAND  SIXTEEN,
FOR:  CONSTRUCTION OR REHABILITATION; COMMISSIONING COSTS; INTEREST PAID
OR  INCURRED  DURING  THE  CONSTRUCTION OR REHABILITATION PERIOD; LEGAL,
ARCHITECTURAL, ENGINEERING AND  OTHER  PROFESSIONAL  FEES  ALLOCABLE  TO
CONSTRUCTION OR REHABILITATION; CLOSING COSTS FOR CONSTRUCTION, REHABIL-

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

                                                           LBD13533-01-6

S. 6560                             2

ITATION OR MORTGAGE LOANS; RECORDING TAXES AND FILING FEES INCURRED WITH
RESPECT TO CONSTRUCTION OR REHABILITATION; SITE COSTS (SUCH AS TEMPORARY
ELECTRIC WIRING, SCAFFOLDING, DEMOLITION COSTS, AND FENCING AND SECURITY
FACILITIES);  AND  COSTS  OF FURNITURE, CARPETING, PARTITIONS, WALLS AND
WALL COVERINGS, CEILINGS, DRAPES, BLINDS, LIGHTING, PLUMBING, ELECTRICAL
WIRING AND VENTILATION; PROVIDED THAT SUCH COSTS SHALL NOT  INCLUDE  THE
COST  OF  TELEPHONE  SYSTEMS AND COMPUTERS (OTHER THAN ELECTRICAL WIRING
COSTS) AND SHALL NOT INCLUDE THE COST  OF  FUEL  CELLS  OR  PHOTOVOLTAIC
MODULES  (INCLUDING  INSTALLATION)  OR  THE COST OF NEW AIR CONDITIONING
EQUIPMENT USING AN EPA-APPROVED NON-OZONE DEPLETING REFRIGERANT OR OTHER
EPA-APPROVED REFRIGERANT APPROVED BY THE COMMISSIONER  OF  ENVIRONMENTAL
CONSERVATION (EXCLUDING INSTALLATION).
  (4)  FOR  THE PURPOSES OF THIS SUBSECTION "QUALIFYING RESIDENTIAL REAL
PROPERTY" SHALL MEAN THE PRINCIPAL PLACE OF RESIDENCE OF  AN  INDIVIDUAL
TAXPAYER  WHO  CLAIMS A CREDIT PURSUANT TO THIS SUBSECTION. IN THE EVENT
THAT SUCH PLACE OF RESIDENCE IS  A  MULTIPLE  DWELLING,  AS  DEFINED  BY
SUBDIVISION  SEVEN  OF SECTION FOUR OF THE MULTIPLE DWELLING LAW, ALLOW-
ABLE  COSTS  SHALL  ONLY  CONSTITUTE  THOSE  COSTS   INCURRED   DUE   TO
CONSTRUCTION OR REHABILITATION UNDERTAKEN ON THE PORTION OF THE DWELLING
THAT CONSTITUTES AN INDIVIDUAL TAXPAYER'S UNIT.
  (5)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR,  THE  EXCESS
MAY  BE CARRIED OVER TO THE FOLLOWING YEAR OR YEARS FOR UP TO FIVE YEARS
AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR YEARS.
  (6) THE COMMISSIONER OF THE DEPARTMENT OF ENVIRONMENTAL  CONSERVATION,
IN  CONJUNCTION  WITH  THE COMMISSIONER, SHALL PROMULGATE SUCH RULES AND
REGULATIONS AS MAY BE NECESSARY  FOR  THE  DISTRIBUTION  OF  THE  CREDIT
ESTABLISHED BY THIS SUBSECTION.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2016.

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