senate Bill S1055

2011-2012 Legislative Session

Establishes a personal income tax credit for voltage regulation technology equipment

download bill text pdf

Sponsored By

Archive: Last Bill Status -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to investigations and government operations
Jan 05, 2011 referred to investigations and government operations

Co-Sponsors

S1055 - Details

See Assembly Version of this Bill:
A5610
Law Section:
Tax Law
Laws Affected:
Amd ยง606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S4294, A4276

S1055 - Summary

Establishes a personal income tax credit for voltage regulation technology equipment.

S1055 - Sponsor Memo

S1055 - Bill Text download pdf

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

                                  1055

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sens. PARKER, SAMPSON -- read twice and ordered printed,
  and when printed to be committed to the  Committee  on  Investigations
  and Government Operations

AN  ACT  to  amend  the  tax law, in relation to establishing a personal
  income tax credit for voltage regulation technology equipment

  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 (g-3) to read as follows:
  (G-3) VOLTAGE REGULATION TECHNOLOGY EQUIPMENT CREDIT. (1)  GENERAL.  A
TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE TAX IMPOSED BY THIS ARTI-
CLE  EQUAL  TO TWENTY-FIVE PERCENT OF QUALIFIED VOLTAGE REGULATION TECH-
NOLOGY EXPENDITURES. THIS CREDIT SHALL NOT EXCEED FIVE THOUSAND  DOLLARS
FOR QUALIFIED VOLTAGE REGULATION TECHNOLOGY EQUIPMENT.
  (2)  QUALIFIED  VOLTAGE  REGULATION TECHNOLOGY EQUIPMENT EXPENDITURES.
(A) VOLTAGE REGULATION TECHNOLOGY EQUIPMENT EXPENDITURES ARE  THE  COSTS
ASSOCIATED  WITH THE PURCHASE OF ON-SITE VOLTAGE REGULATION TECHNOLOGIES
WHICH REDUCE ENERGY CONSUMPTION, IMPROVE GRID EFFICIENCY, RAISE OR LOWER
VOLTAGE DYNAMICALLY AND ARE NINETY-NINE PERCENT OR MORE EFFICIENT ACROSS
A MINIMUM OF NINETY PERCENT OF THE LOAD CURVE.
  (B) QUALIFIED VOLTAGE  REGULATION  TECHNOLOGY  EQUIPMENT  EXPENDITURES
SHALL INCLUDE EXPENDITURES FOR MATERIALS, LABOR COSTS PROPERLY ALLOCABLE
TO ON-SITE PREPARATION, ASSEMBLY AND INSTALLATION, ENGINEERING SERVICES,
DESIGNS  AND  PLANS DIRECTLY RELATED TO THE CONSTRUCTION OR INSTALLATION
AND UTILITY COMPLIANCE COSTS.
  (C) SUCH QUALIFIED EXPENDITURES SHALL NOT INCLUDE  INTEREST  OR  OTHER
FINANCE CHARGES.
  (3)  MULTIPLE TAXPAYERS. WHERE VOLTAGE REGULATION TECHNOLOGY EQUIPMENT
IS PURCHASED AND INSTALLED IN A PRINCIPAL RESIDENCE  SHARED  BY  TWO  OR
MORE TAXPAYERS, THE AMOUNT OF THE CREDIT ALLOWABLE UNDER THIS SUBSECTION

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

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