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Assembly Bill A7154

2009-2010 Legislative Session

Tax credit for voltage regulation technology

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Archive: Last Bill Status - In Assembly Committee

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2009-A7154 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยงยง210 & 606, Tax L

2009-A7154 (ACTIVE) - Summary

Allows tax credit for the purchase of voltage regulation technology; provides that standards are to be set by NYSERDA; specifies that the credit shall be equal to the cost of voltage regulation technology; specifies that credit shall be carried over to future taxable years not to exceed January 1, 2013.

2009-A7154 (ACTIVE) - Bill Text download pdf 

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

                                  7154

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 25, 2009
                               ___________

Introduced by M. of A. ALESSI -- read once and referred to the Committee
  on Ways and Means

AN  ACT  to amend the tax law, in relation to providing a tax credit for
  voltage regulation technology

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  210  of  the  tax law is amended by adding a new
subdivision 41 to read as follows:
  41. CREDIT FOR VOLTAGE  REGULATION  TECHNOLOGY.    (A)  ALLOWANCE  AND
AMOUNT  OF  CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO BE COMPUTED
AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY  THIS  ARTI-
CLE.  THE  AMOUNT  OF  THE  CREDIT SHALL BE EQUAL TO THE COST OF VOLTAGE
REGULATION TECHNOLOGY AS PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION.
  (B) COST OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK  STATE  ENERGY
RESEARCH  AND  DEVELOPMENT  AUTHORITY  SHALL ADOPT RULES AND REGULATIONS
SETTING FORTH VOLTAGE REGULATION  TECHNOLOGIES  WHICH  QUALIFY  FOR  THE
CREDIT  UNDER THIS SUBDIVISION, PROVIDED THAT SUCH TECHNOLOGIES SHALL BE
REQUIRED TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE  DYNAMICALLY
AND  BE  AT  LEAST  NINETY-NINE PERCENT EFFICIENT ACROSS AT LEAST NINETY
PERCENT OF THE ELECTRICAL LOAD CURVE.
  (C) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER  THIS
SUBDIVISION  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
AND MAY BE DEDUCTED FROM THE TAXPAYER'S TAX FOR SUCH YEAR OR  YEARS  BUT
IN  NO EVENT SHALL SUCH CREDIT BE CARRIED OVER TO TAXABLE YEARS COMMENC-
ING ON OR AFTER JANUARY FIRST, TWO THOUSAND THIRTEEN.
  S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
of  the  tax  law, as amended by section 2 of part ZZ-1 of chapter 57 of
the laws of 2008, is amended to read as follows:
  (B) shall be treated as the owner of a new business  with  respect  to
such  share  if  the corporation qualifies as a new business pursuant to

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10285-01-9

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