|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 S1114
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1114 - Details
S1114 - Sponsor Memo
BILL NUMBER: S1114 TITLE OF BILL : An act to amend the tax law, in relation to restoring the fuel cell tax credit PURPOSE OR GENERAL IDEA OF BILL : Restores a previously existing tax credit for certain qualified fuel cell electric generating expenditures. SUMMARY OF SPECIFIC PROVISIONS : Section 1 amends subdivision 1 of section 187-n of the tax law, to restore a business tax credit of up to $1,500 per unit for businesses who purchase qualified fuel cell electric generating equipment. Section 2 amends paragraph (a) of subdivision 37 of section 210 of the tax law, to restore the same credit for the corporate franchise tax. Section 3 amends paragraph 1 of subsection (g-2) of section 606 of the tax law to restore a credit for purposes of personal income tax. Section 4 amends paragraph 1 of subsection (t) of section 1456 of the tax law to restore the fuel cell franchise tax credit for banking institutions.
S1114 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1114 2011-2012 Regular Sessions I N S E N A T E January 5, 2011 ___________ Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Investigations and Govern- ment Operations AN ACT to amend the tax law, in relation to restoring the fuel cell tax credit THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 187-n of the tax law, as amended by section 1 of part C-1 of chapter 57 of the laws of 2009, is amended to read as follows: (1) Allowance of credit. [For taxable years beginning before January first, two thousand nine, a] A taxpayer whose business is not substan- tially engaged in the commercial generation, distribution, transmission, or servicing of energy or energy products shall be allowed a credit against the taxes imposed by sections one hundred eighty-three, one hundred eighty-four and one hundred eighty-five of this article, equal to its qualified fuel cell electric generating equipment expenditures. Provided, however, that the amount of such credit allowable against the tax imposed by section one hundred eighty-four of this article shall be the excess of the amount of such credit over the amount of any credit allowed by this section against the tax imposed by section one hundred eighty-three of this article. This credit shall not exceed one thousand five hundred dollars per generating unit with respect to any taxable year. The credit provided for herein shall be allowed with respect to the taxable year in which the fuel cell electric generating equipment is placed in service. S 2. Paragraph (a) of subdivision 37 of section 210 of the tax law, as amended by section 2 of part C-1 of chapter 57 of the laws of 2009, is amended to read as follows: (a) Allowance of credit. [For taxable years beginning before January first, two thousand nine, a] A taxpayer shall be allowed a credit EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01031-01-1
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