S T A T E   O F   N E W   Y O R K
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                                   7409
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                            September 29, 2021
                                ___________
 
 Introduced  by  Sen. REICHLIN-MELNICK -- read twice and ordered printed,
   and when printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law, in relation to establishing an  alternative
   wiring tax credit
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The tax law is amended by adding a new section 47  to  read
 as follows:
   § 47. ALTERNATIVE WIRING TAX CREDIT. (A) ALLOWANCE OF CREDIT. AN INDI-
 VIDUAL  TAXPAYER  SHALL  BE  ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY
 THIS ARTICLE IF SUCH TAXPAYER REPLACES ANY ALUMINUM WIRING  IN  A  RESI-
 DENCE OWNED BY SUCH TAXPAYER WITH AN ALTERNATIVE WIRING MATERIAL.
   (B)  AMOUNT  OF CREDIT. THE AMOUNT OF CREDIT, ALLOWABLE FOR UP TO FIVE
 CONSECUTIVE TAXABLE YEARS, SHALL BE THREE THOUSAND DOLLARS PER  YEAR.  A
 TAXPAYER  MAY  CLAIM SUCH CREDIT COMMENCING IN THE FIRST TAXABLE YEAR IN
 WHICH THE TAXPAYER INSTALLS SUCH ALTERNATIVE WIRING MATERIAL.
   (C) DEFINITIONS. FOR PURPOSES OF  THIS  SECTION,  "ALTERNATIVE  WIRING
 MATERIAL"  SHALL  MEAN  ANY  CONDUCTIVE MATERIAL WITH A LOWER ELECTRICAL
 RESISTANCE AND LOWER THERMAL EXPANSION COEFFICIENT THAN ALUMINUM.
   (D) CROSS REFERENCES. FOR APPLICATION OF THE CREDIT  PROVIDED  FOR  IN
 THIS  SECTION,  SEE THE FOLLOWING PROVISION OF THIS CHAPTER: ARTICLE 22:
 SECTION 606:  SUBSECTION (NNN).
   § 2. Section 606 of the tax law is amended by adding a new  subsection
 (nnn) to read as follows:
   (NNN)  ALTERNATIVE  WIRING  TAX  CREDIT.  (1)  ALLOWANCE  OF CREDIT. A
 TAXPAYER SHALL BE ALLOWED A  CREDIT,  TO  BE  COMPUTED  AS  PROVIDED  IN
 SECTION  FORTY-SEVEN  OF  THIS  CHAPTER, AGAINST THE TAX IMPOSED BY THIS
 ARTICLE.
   (2) APPLICATION OF CREDIT. IF THE AMOUNT OF THE CREDIT  ALLOWED  UNDER
 THIS SUBSECTION FOR THE TAXABLE YEAR EXCEEDS THE TAXPAYER'S TAX FOR SUCH
 YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD11946-01-1

 S. 7409                             2
 
 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.
   §  3. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
 of the tax law is amended by adding a  new  clause  (xlix)  to  read  as
 follows:

      (XLIX) ALTERNATIVE         AMOUNT OF CREDIT UNDER
      WIRING CREDIT UNDER        SUBDIVISION FIFTY-EIGHT OF
      SUBSECTION (NNN)           SECTION TWO HUNDRED TEN-B
   §  4. Section 210-B of the tax law is amended by adding a new subdivi-
 sion 58 to read as follows:
   58. ALTERNATIVE WIRING TAX CREDIT. (1) ALLOWANCE OF CREDIT. A TAXPAYER
 SHALL BE ALLOWED A CREDIT, TO BE COMPUTED AS PROVIDED IN SECTION  FORTY-
 SEVEN OF THIS CHAPTER, AGAINST THE TAX IMPOSED BY THIS ARTICLE.
   (2)  APPLICATION  OF CREDIT. THE CREDIT ALLOWED UNDER THIS SUBDIVISION
 FOR ANY TAXABLE YEAR SHALL NOT REDUCE THE TAX DUE FOR SUCH YEAR TO  LESS
 THAN  THE  AMOUNT  PRESCRIBED  IN  PARAGRAPH  (D)  OF SUBDIVISION ONE OF
 SECTION TWO HUNDRED TEN OF THIS ARTICLE. PROVIDED, HOWEVER, THAT IF  THE
 AMOUNT  OF  THE  CREDIT ALLOWABLE UNDER THIS SUBDIVISION FOR ANY TAXABLE
 YEAR REDUCES THE TAX TO SUCH AMOUNT OR IF THE  TAXPAYER  OTHERWISE  PAYS
 TAX BASED ON THE FIXED DOLLAR MINIMUM AMOUNT, THE EXCESS SHALL BE TREAT-
 ED  AS  AN  OVERPAYMENT  OF TAX TO BE CREDITED OR REFUNDED IN ACCORDANCE
 WITH THE PROVISIONS OF SECTION ONE THOUSAND EIGHTY-SIX OF THIS  CHAPTER.
 PROVIDED, FURTHER, THE PROVISIONS OF SUBSECTION (C) OF SECTION ONE THOU-
 SAND  EIGHTY-EIGHT OF THIS CHAPTER NOTWITHSTANDING, NO INTEREST SHALL BE
 PAID THEREON.
   § 5. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2022.