senate Bill S3426A

2011-2012 Legislative Session

Tax credit for the purchase of voltage regulation technology

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 02, 2012 reported and committed to finance
Jan 26, 2012 print number 3426a
amend and recommit to investigations and government operations
Jan 04, 2012 referred to investigations and government operations
Feb 22, 2011 referred to investigations and government operations

Votes

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May 2, 2012 - Investigations and Government Operations committee Vote

S3426A
4
1
committee
4
Aye
1
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: May 2, 2012

nay (1)
aye wr (3)

Bill Amendments

Original
A (Active)
Original
A (Active)

Co-Sponsors

S3426 - Bill Details

See Assembly Version of this Bill:
A10123
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S3519

S3426 - Bill Texts

view summary

Provides for a tax credit for the purchase of voltage regulation technology equal to fifty percent of the cost, up to a $1000 limit for all voltage regulation technology; provides for standards to be set by NYSERDA.

view sponsor memo
BILL NUMBER:S3426

TITLE OF BILL:
An act
to amend the tax law, in relation to providing a tax credit for the
purchase of voltage regulation technology

SUMMARY OF PROVISIONS:
This bill amends the Tax Law.

Section 1 amends Section 210 of the Tax Law, by adding a new
subdivision 43 creating a credit for the purchase of voltage
regulation technology. The section defines eligibility and other
restrictions and requirements, and provides for a tax credit equal to
fifty percent of the cost of voltage regulation technology, up to one
thousand dollars, for all purchases made by such taxpayer

Section 2 amends subparagraph (B) of subdivision I of subsection (i)
of Section 606 of the Tax Law, relating to S corporations, adds the
voltage regulation technology tax credit under subsection (qq).

Section 3 amends section 606 by adding a new subsection (ss).
This subsection provides for a credit for the purchase of voltage
regulation technology. The section defines eligibility and other
restrictions and requirements, and provides for a tax credit equal to
fifty percent of the purchase price of such technology up to a one
thousand dollar limit for all purchases made by such taxpayer.

Section 4 provides that this act shall take effect on the first of
January next succeeding the date on which it shall have become law,
and shall apply to taxable years commencing after such date, further
providing that the empire state film production credit under
subsection (gg), the empire state commercial production credit under
subsection (jj) and the credit for companies who provide
transportation to individuals with disabilities under subsection (00)
of section 606 of the Tax Law contained in section 3 of this act
shall expire on the same date as provided in section 9 of part P of
Chapter 60 of the Laws of 2004, as amended, section 10 of part v of
Chapter 62 of the Laws of 2006, as amended and section 5 of Chapter
522 of the Laws of2006, as amended, respectively.

PURPOSE AND JUSTIFICATION:
Demand for electricity continues to
increase in New York. Supplying such increased demand must eventually
lead to construction of new power plants, increased carbon emissions
and increased demand for foreign oil. It makes more sense to increase
efficiency, when possible, both to reduce energy costs for homeowners
and businesses and to reduce the need fur more electricity. This bill
gives added incentive to taxpayers to invest in voltage regulation
technology that will allow them to use electricity more efficiently,
reducing their costs while at the same time helping our environment.

PRIOR LEGISLATIVE HISTORY:
2009-10 - S.3519 -- INVESTIGATIONS

FISCAL IMPLICATIONS:


To be determined.

EFFECTIVE DATE:
This act shall take effect immediately.

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

                                  3426

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 22, 2011
                               ___________

Introduced by Sens. RANZENHOFER, LARKIN -- read twice and ordered print-
  ed,  and  when  printed  to  be committed to the Committee on Investi-
  gations and Government Operations

AN ACT to amend the tax law, in relation to providing a tax  credit  for
  the purchase of voltage regulation technology

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

  Section 1. Section 210 of the tax law  is  amended  by  adding  a  new
subdivision 43 to read as follows:
  43.  CREDIT  FOR  THE  PURCHASE OF VOLTAGE REGULATION TECHNOLOGY.  (A)
ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
BE COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED  BY
THIS  ARTICLE.  THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO FIFTY PERCENT
OF THE COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED  IN  PARAGRAPH
(B)  OF  THIS  SUBDIVISION,  UP  TO  A ONE THOUSAND DOLLAR LIMIT FOR ALL
PURCHASES MADE BY SUCH TAXPAYER.
  (B) COST OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK  STATE  ENERGY
RESEARCH  AND  DEVELOPMENT  AUTHORITY  SHALL ADOPT RULES AND REGULATIONS
SETTING FORTH VOLTAGE REGULATION  TECHNOLOGIES  WHICH  QUALIFY  FOR  THE
CREDIT  UNDER THIS SUBDIVISION, PROVIDED THAT SUCH TECHNOLOGIES SHALL BE
REQUIRED TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE  DYNAMICALLY
AND  BE  AT  LEAST  NINETY-NINE PERCENT EFFICIENT ACROSS AT LEAST NINETY
PERCENT OF THE ELECTRICAL LOAD CURVE. SUCH  AUTHORITY  SHALL  DEVELOP  A
LIST  OF  SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST AVAILABLE ON
ITS WEBSITE.
  (C) APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER  THIS
SUBDIVISION  FOR  ANY  TAXABLE  YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR
SUCH YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF  TAX  TO  BE
CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SUBSECTION (C)
OF  SECTION  SIX  HUNDRED EIGHTY-SIX OF THIS CHAPTER, PROVIDED, HOWEVER,
THAT NO INTEREST SHALL BE PAID THEREON.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02528-01-1

S. 3426                             2

  S 2. Subparagraph (B) of paragraph 1 of subsection (i) of section  606
of  the  tax  law  is  amended by adding a new clause (xxxii) to read as
follows:

(XXXII) CREDIT FOR THE PURCHASE OF   AMOUNT OF CREDIT UNDER
VOLTAGE REGULATION TECHNOLOGY UNDER  SUBDIVISION FORTY-THREE OF
SUBSECTION (SS)                      SECTION TWO HUNDRED TEN
  S  3. Section 606 of the tax law is amended by adding a new subsection
(ss) to read as follows:
  (SS) CREDIT FOR THE PURCHASE OF VOLTAGE REGULATION  TECHNOLOGY.    (1)
ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
BE  COMPUTED  AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED BY
THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO  FIFTY  PERCENT
OF  THE  COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED IN PARAGRAPH
TWO OF THIS SUBSECTION, UP TO  A  ONE  THOUSAND  DOLLAR  LIMIT  FOR  ALL
PURCHASES MADE BY SUCH TAXPAYER.
  (2)  COST  OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY SHALL  ADOPT  RULES  AND  REGULATIONS
SETTING  FORTH  VOLTAGE  REGULATION  TECHNOLOGIES  WHICH QUALIFY FOR THE
CREDIT UNDER THIS SUBSECTION, PROVIDED THAT SUCH TECHNOLOGIES  SHALL  BE
REQUIRED  TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY
AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT  ACROSS  AT  LEAST  NINETY
PERCENT  OF  THE  ELECTRICAL  LOAD CURVE. SUCH AUTHORITY SHALL DEVELOP A
LIST OF SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST  AVAILABLE  ON
ITS WEBSITE.
  (3)  APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
ED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF  SUBSECTION  (C)  OF
SECTION  SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT
NO INTEREST SHALL BE PAID THEREON.
  S 4. This act shall take effect on the first of January next  succeed-
ing  the  date  on  which  it shall have become a law and shall apply to
taxable years commencing on and after such date.

Co-Sponsors

S3426A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A10123
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §§210 & 606, Tax L
Versions Introduced in 2009-2010 Legislative Session:
S3519

S3426A (ACTIVE) - Bill Texts

view summary

Provides for a tax credit for the purchase of voltage regulation technology equal to fifty percent of the cost, up to a $1000 limit for all voltage regulation technology; provides for standards to be set by NYSERDA.

view sponsor memo
BILL NUMBER:S3426A

TITLE OF BILL:
An act
to amend the tax law, in relation to providing a tax credit for the
purchase of voltage regulation technology

SUMMARY OF PROVISIONS:
This bill amends the Tax Law.

Section 1 amends Section 210 of the Tax Law, by adding a new
subdivision 45 creating a credit for the purchase of voltage
regulation technology. The section defines eligibility and other
restrictions and requirements, and provides for a tax credit equal to
fifty percent of the cost of voltage regulation technology, up to one
thousand dollars, for all purchases made by such taxpayer.

Section 2 adds a new clause (xxxiv) to section 606 of the Tax Law
providing for a credit for the purchase of voltage regulation
technology under subsection (uu).

Section 3 amends section 606 by adding a new subsection (uu). This
subsection provides for a credit for the purchase of voltage
regulation technology. The section defines eligibility and other
restrictions and requirements, and provides for a tax credit equal to
fifty percent of the purchase price of such technology up to a one
thousand dollar limit for all purchases made by such taxpayer.

Section 4 provides that this act shall take effect on the first of
January next succeeding the date on which it shall have become law,
and shall apply to taxable years commencing on and after such date.

PURPOSE AND JUSTIFICATION:
Demand for electricity continues to
increase in New York. Supplying such increased demand must eventually
lead to construction of new power plants, increased carbon emissions
and increased demand for foreign oil. It makes more sense to increase
efficiency, when possible, both to reduce energy costs for homeowners
and businesses and to reduce the need for more electricity. This bill
gives added incentive to taxpayers to invest in voltage regulation
technology that will allow them to use electricity more efficiently,
reducing their costs while at the same time helping our environment.

PRIOR LEGISLATIVE HISTORY:
2009-10: S.3519 -- INVESTIGATIONS
2011: S.3426 -- INVESTIGATIONS

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect on the first of January
next succeeding the date on which it shall have become law and shall
apply to taxable years commencing on and after such date.


view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3426--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 22, 2011
                               ___________

Introduced by Sens. RANZENHOFER, LARKIN -- read twice and ordered print-
  ed,  and  when  printed  to  be committed to the Committee on Investi-
  gations and Government Operations -- recommitted to the  Committee  on
  Investigations  and  Government  Operations  in accordance with Senate
  Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to amend the tax law, in relation to providing a tax credit for
  the purchase of voltage regulation technology

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

  Section  1.  Section  210  of  the  tax law is amended by adding a new
subdivision 45 to read as follows:
  45. CREDIT FOR THE PURCHASE OF VOLTAGE  REGULATION  TECHNOLOGY.    (A)
ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
BE  COMPUTED AS PROVIDED IN THIS SUBDIVISION, AGAINST THE TAX IMPOSED BY
THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO  FIFTY  PERCENT
OF  THE  COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED IN PARAGRAPH
(B) OF THIS SUBDIVISION, UP TO A  ONE  THOUSAND  DOLLAR  LIMIT  FOR  ALL
PURCHASES MADE BY SUCH TAXPAYER.
  (B)  COST  OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY SHALL  ADOPT  RULES  AND  REGULATIONS
SETTING  FORTH  VOLTAGE  REGULATION  TECHNOLOGIES  WHICH QUALIFY FOR THE
CREDIT UNDER THIS SUBDIVISION, PROVIDED THAT SUCH TECHNOLOGIES SHALL  BE
REQUIRED  TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY
AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT  ACROSS  AT  LEAST  NINETY
PERCENT  OF  THE  ELECTRICAL  LOAD CURVE. SUCH AUTHORITY SHALL DEVELOP A
LIST OF SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST  AVAILABLE  ON
ITS WEBSITE.
  (C)  APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
SUBDIVISION FOR ANY TAXABLE YEAR SHALL EXCEED  THE  TAXPAYER'S  TAX  FOR
SUCH  YEAR,  THE  EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02528-02-2

S. 3426--A                          2

CREDITED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF SUBSECTION (C)
OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS  CHAPTER,  PROVIDED,  HOWEVER,
THAT NO INTEREST SHALL BE PAID THEREON.
  S  2. Subparagraph (B) of paragraph 1 of subsection (i) of section 606
of the tax law is amended by adding a new  clause  (xxxiv)  to  read  as
follows:

(XXXIV) CREDIT FOR THE PURCHASE OF   AMOUNT OF CREDIT UNDER
VOLTAGE REGULATION TECHNOLOGY UNDER  SUBDIVISION FORTY-FIVE OF
SUBSECTION (UU)                      SECTION TWO HUNDRED TEN
  S  3. Section 606 of the tax law is amended by adding a new subsection
(uu) to read as follows:
  (UU) CREDIT FOR THE PURCHASE OF VOLTAGE REGULATION  TECHNOLOGY.    (1)
ALLOWANCE AND AMOUNT OF CREDIT. A TAXPAYER SHALL BE ALLOWED A CREDIT, TO
BE  COMPUTED  AS PROVIDED IN THIS SUBSECTION, AGAINST THE TAX IMPOSED BY
THIS ARTICLE. THE AMOUNT OF THE CREDIT SHALL BE EQUAL TO  FIFTY  PERCENT
OF  THE  COST OF VOLTAGE REGULATION TECHNOLOGY, AS PROVIDED IN PARAGRAPH
TWO OF THIS SUBSECTION, UP TO  A  ONE  THOUSAND  DOLLAR  LIMIT  FOR  ALL
PURCHASES MADE BY SUCH TAXPAYER.
  (2)  COST  OF VOLTAGE REGULATION TECHNOLOGY. THE NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY SHALL  ADOPT  RULES  AND  REGULATIONS
SETTING  FORTH  VOLTAGE  REGULATION  TECHNOLOGIES  WHICH QUALIFY FOR THE
CREDIT UNDER THIS SUBSECTION, PROVIDED THAT SUCH TECHNOLOGIES  SHALL  BE
REQUIRED  TO IMPROVE GRID EFFICIENCY, RAISE OR LOWER VOLTAGE DYNAMICALLY
AND BE AT LEAST NINETY-NINE PERCENT EFFICIENT  ACROSS  AT  LEAST  NINETY
PERCENT  OF  THE  ELECTRICAL  LOAD CURVE. SUCH AUTHORITY SHALL DEVELOP A
LIST OF SUCH IMPROVEMENTS AND PRODUCTS AND MAKE SUCH LIST  AVAILABLE  ON
ITS WEBSITE.
  (3)  APPLICATION OF CREDIT. IF THE AMOUNT OF CREDIT ALLOWED UNDER THIS
SUBSECTION FOR ANY TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH
YEAR, THE EXCESS SHALL BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDIT-
ED OR REFUNDED IN ACCORDANCE WITH THE PROVISIONS OF  SUBSECTION  (C)  OF
SECTION  SIX HUNDRED EIGHTY-SIX OF THIS ARTICLE, PROVIDED, HOWEVER, THAT
NO INTEREST SHALL BE PAID THEREON.
  S 4. This act shall take effect on the first of January next  succeed-
ing  the  date  on  which  it shall have become a law and shall apply to
taxable years commencing on and after such date.

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