|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to investigations and government operations|
|Jan 05, 2011||referred to investigations and government operations|
senate Bill S1055
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1055 - Details
S1055 - Summary
Establishes a personal income tax credit for voltage regulation technology equipment.
S1055 - Sponsor Memo
BILL NUMBER:S1055 TITLE OF BILL: An act to amend the tax law, in relation to establishing a personal income tax credit for voltage regulation technology equipment PURPOSE: To encourage and establish incentives for the purchase and use of voltage regulation technologies. SUMMARY OF PROVISIONS: Section 606 of the tax law is amended by adding a new subsection (g3) voltage regulation technology equipment credit. This subsection provides a tax credit equal to twenty-five percent of qualified voltage regulation technology expenditures, not to exceed five thousand dollars. 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. The credit will be applied to the taxable year in which such equipment is placed in service. JUSTIFICATION: The State of New York provides incentives to encourage the use of wind, solar and other renewable energies. Similar
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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