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Assembly Bill A9193

2009-2010 Legislative Session

Exempts from franchise taxes certain banking organizations which provide loans and/or refinancing for certain "green" purchases or home improvements

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Archive: Last Bill Status - In Assembly Committee

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2009-A9193 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Tax Law
Laws Affected:
Amd ยง1512, Tax L
Versions Introduced in Other Legislative Sessions:
2011-2012: A7721
2013-2014: A8381

2009-A9193 (ACTIVE) - Summary

Exempts certain banking organizations which provide loans and/or refinancing for certain "green" purchases or home improvements; provides that any income realized by any banking organization, as defined in subdivision eleven of section two of the banking law, from loans and/or refinancing provided for certain energy efficiency improvements, renewable energy or distributed generation shall be exempt from certain franchise taxes.

2009-A9193 (ACTIVE) - Sponsor Memo

2009-A9193 (ACTIVE) - Bill Text download pdf 

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

                                  9193

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            October 13, 2009
                               ___________

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

AN  ACT  to  amend  the tax law, in relation to exempting from franchise
  taxes certain banking organizations which provide loans  and/or  refi-
  nancing for certain "green" purchases or home improvements

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

  Section 1. Subdivision (a) of section 1512 of the tax law  is  amended
by adding a new paragraph 11 to read as follows:
  (11)  ANY  INCOME  REALIZED BY ANY BANKING ORGANIZATION, AS DEFINED IN
SUBDIVISION ELEVEN OF SECTION TWO OF THE BANKING LAW, FROM LOANS  AND/OR
REFINANCING PROVIDED FOR CERTAIN ENERGY EFFICIENCY IMPROVEMENTS, RENEWA-
BLE ENERGY OR DISTRIBUTED GENERATION.
  FOR THE PURPOSES OF THIS PARAGRAPH, THE FOLLOWING TERMS SHALL HAVE THE
FOLLOWING MEANINGS:
  (I) "ENERGY EFFICIENCY IMPROVEMENTS" SHALL MEAN A MATERIAL IMPROVEMENT
MADE  TO AN EXITING RESIDENTIAL OR BUSINESS PROPERTY THAT REDUCES ENERGY
CONSUMPTION, INCLUDING BUT NOT LIMITED  TO  CAULKING,  WEATHERSTRIPPING,
AIR  SEALING,  INSULATION,  HEATING  AND COOLING SYSTEMS UPGRADES, SOLAR
THERMAL SYSTEMS AND CONSERVATION MEASURES, IN A COST-EFFECTIVE MANNER AS
DETERMINED BY THE STATE, PROVIDED, HOWEVER,  THAT  SUCH  TERM  DOES  NOT
INCLUDE  A  HOUSEHOLD APPLIANCE, SUCH AS A WASHING MACHINE OR REFRIGERA-
TOR, THAT IS NOT PERMANENTLY FIXED TO REAL PROPERTY.
  (II) "RENEWABLE ENERGY SOURCE" SHALL MEAN SOLAR, WIND,  PHOTOVOLTAICS,
TIDAL,  GEOTHERMAL,  FUEL CELL TECHNOLOGIES AND LOW-IMPACT, RUN-OF-RIVER
HYDROELECTRIC GENERATING EQUIPMENT WITH CAPACITY UP TO THIRTY  MEGAWATTS
WITH NO NEW STORAGE IMPOUNDMENT.
  (III)  "DISTRIBUTED  GENERATION"  SHALL  MEAN THE GENERATION OF ENERGY
CLOSE TO THE POINT OF USE.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14797-01-9

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