Assembly Bill A11492

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

                                  11492

                          I N  A S S E M B L Y

                              June 17, 2010
                               ___________

Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Cahill) --
  read once and referred to the Committee on Ways and Means

AN ACT to amend the tax law, in relation to  tax  credits  provided  for
  solar energy system equipment

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

  Section 1. Paragraph 2 of subsection (g-1) of section 606 of  the  tax
law,  as amended by chapter 378 of the laws of 2005 and subparagraph (B)
as amended by chapter 251 of the laws of 2006, is  amended  to  read  as
follows:
  (2) Qualified solar energy system equipment expenditures. (A) The term
"qualified  solar  energy  system equipment expenditures" means expendi-
tures for:
  (I) the purchase of solar energy system equipment which  is  installed
in  connection  with  residential property which is [(i)] (I) located in
this state and [(ii)] (II) which is used by the taxpayer as his  or  her
principal  residence  at  the  time the solar energy system equipment is
placed in service;
  (II) THE LEASE OF SOLAR ENERGY SYSTEM EQUIPMENT UNDER A WRITTEN AGREE-
MENT THAT SPANS AT LEAST TEN YEARS  WHERE  SUCH  EQUIPMENT  OWNED  BY  A
PERSON  OTHER THAN THE TAXPAYER IS INSTALLED IN CONNECTION WITH RESIDEN-
TIAL PROPERTY WHICH IS (I) LOCATED IN THIS STATE AND (II) WHICH IS  USED
BY  THE TAXPAYER AS HIS OR HER PRINCIPAL RESIDENCE AT THE TIME THE SOLAR
ENERGY SYSTEM EQUIPMENT IS PLACED IN SERVICE; OR
  (III) THE PURCHASE OF POWER UNDER A WRITTEN AGREEMENT  THAT  SPANS  AT
LEAST  TEN  YEARS  WHEREUNDER  THE POWER PURCHASED IS GENERATED BY SOLAR
ENERGY SYSTEM EQUIPMENT OWNED BY A PERSON OTHER THAN THE TAXPAYER  WHICH
IS  INSTALLED  IN  CONNECTION  WITH  RESIDENTIAL  PROPERTY  WHICH IS (I)
LOCATED IN THIS STATE AND (II) WHICH IS USED BY THE TAXPAYER AS  HIS  OR
HER PRINCIPAL RESIDENCE AT THE TIME THE SOLAR ENERGY SYSTEM EQUIPMENT IS
PLACED IN SERVICE.
  (B) Such qualified expenditures shall include expenditures for materi-
als, labor costs properly allocable to on-site preparation, assembly and
original  installation,  architectural  and  engineering  services,  and

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

                                                           LBD17712-01-0

A. 11492                            2

designs and plans directly related to the construction  or  installation
of the solar energy system equipment.
  (C)  Such  qualified  expenditures  FOR  THE  PURCHASE OF SOLAR ENERGY
SYSTEM EQUIPMENT shall not include interest or other finance charges.
  (D) SUCH QUALIFIED EXPENDITURES FOR THE LEASE OF SOLAR  ENERGY  SYSTEM
EQUIPMENT  OR  THE  PURCHASE  OF  POWER  UNDER AN AGREEMENT DESCRIBED IN
CLAUSES (II) OR (III)  OF  SUBPARAGRAPH  (A)  OF  THIS  PARAGRAPH  SHALL
INCLUDE  AN AMOUNT EQUAL TO ALL PAYMENTS TO BE MADE UNDER SUCH AGREEMENT
FOR THE INITIAL TERM OF  SUCH  AGREEMENT,  INCLUDING  ANY  AMOUNTS  PAID
UPFRONT.
  (E)  THE  TERM  "PERSON", AS USED IN THIS SECTION, SHALL HAVE THE SAME
MEANING AS PROVIDED IN INTERNAL REVENUE CODE S 7701 (C)(1).
  S 2. This act shall take effect immediately and  shall  be  deemed  to
have been in full force and effect on and after January 1, 2010.