Assembly Bill A428

2019-2020 Legislative Session

Relates to creating a tax credit for energy efficiency home improvements

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2019-A428 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L; add §582-b, RPT L
Versions Introduced in Other Legislative Sessions:
2011-2012: A8189
2013-2014: A885
2015-2016: A5084
2017-2018: A2708

2019-A428 (ACTIVE) - 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.

2019-A428 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    428
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 9, 2019
                                ___________
 
 Introduced by M. of A. LIFTON -- read once and referred to the Committee
   on Ways and Means
 
 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 (jjj) to read as follows:
   (JJJ)  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.

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