senate Bill S4623A

2011-2012 Legislative Session

Extends the solar energy system equipment tax credit carryover period

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Committee


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

do you support this bill?

Actions

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 31, 2012 reported and committed to finance
May 18, 2012 print number 4623a
amend and recommit to investigations and government operations
Jan 04, 2012 referred to investigations and government operations
Jun 24, 2011 committed to rules
Jun 14, 2011 advanced to third reading
Jun 13, 2011 2nd report cal.
Jun 07, 2011 1st report cal.1118
Apr 13, 2011 referred to investigations and government operations

Votes

view votes

May 31, 2012 - Investigations and Government Operations committee Vote

S4623A
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Investigations and Government Operations committee vote details

Investigations and Government Operations Committee Vote: May 31, 2012

aye wr (1)
excused (1)

Jun 7, 2011 - Investigations and Government Operations committee Vote

S4623
6
0
committee
6
Aye
0
Nay
2
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Jun 7, 2011

aye wr (2)

Bill Amendments

Original
A (Active)
Original
A (Active)

S4623 - Bill Details

See Assembly Version of this Bill:
A7066A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S4623 - Bill Texts

view summary

Extends the solar energy system equipment tax credit carryover period from five years to ten years.

view sponsor memo
BILL NUMBER:S4623

TITLE OF BILL:
An act
to amend the tax law, in relation to the solar energy system equipment
tax credit

PURPOSE:
This legislation extends the solar energy system equipment tax credit
carryover period from five to ten years.

SUMMARY OF PROVISIONS:
Paragraph 8 of subsection (g-1) of Section 606 of the tax law, as
amended by Chapter 378 of the Laws of 2005 and as renumbered by
Chapter 128 of the Laws of 2007, is amended to extend the solar
energy system equipment tax credit carryover period from five to ten
taxable years.

JUSTIFICATION:
New York's solar energy system equipment tax credit provides
individuals with an incentive to choose to invest in photovoltaic
systems as an alternative energy choice. The current credit system,
subject to certain limits, is 25% of the qualified solar energy
system equipment expenditures for the purchase and installation of a
system that uses solar radiation to produce energy for heating,
cooling, hot water or electricity for residential se. If the credit
is greater than the amount of taxes owed, the balance will not be
refunded. However, any credit amount in excess of the tax due can be
carried over for a maximum of up to five years. In some cases,
individuals with lower incomes would not have enough income tax
liability over a five-year period to claim the full amount of the
individual credit. This legislation will extend such carryover period
from five to ten years to better afford those individuals with the
opportunity to receive the full amount of their tax credit.

LEGISLATIVE HISTORY:
New legislation.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable years
beginning on or after January 1, 2011.

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

                                  4623

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 13, 2011
                               ___________

Introduced  by  Sen. LAVALLE -- 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  the  solar  energy  system
  equipment tax credit

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

  Section 1. Paragraph 8 of subsection (g-1) of section 606 of  the  tax
law,  as amended by chapter 378 of the laws of 2005 and as renumbered by
chapter 128 of the laws of 2007, is amended to read as follows:
  (8) Carryover of credit. If the amount of the credit,  and  carryovers
of  such  credit,  allowable  under this subsection for any taxable year
shall exceed the taxpayer's tax for such year, such excess amount may be
carried over to the [five] TEN taxable years next following the  taxable
year  with  respect  to  which the credit is allowed and may be deducted
from the taxpayer's tax for such year or years.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2011.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01243-01-1

S4623A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A7066A
Current Committee:
Law Section:
Tax Law
Laws Affected:
Amd §606, Tax L

S4623A (ACTIVE) - Bill Texts

view summary

Extends the solar energy system equipment tax credit carryover period from five years to ten years.

view sponsor memo
BILL NUMBER:S4623A

TITLE OF BILL:
An act
to amend the tax law, in relation to the solar energy system equipment
tax credit

PURPOSE:
This legislation extends the solar energy system equipment tax credit
carryover period from five to ten years.

SUMMARY OF PROVISIONS:
Paragraph 8 of subsection (g-1) of Section 606 of the tax law, as
amended by Chapter 378 of the Laws of 2005 and as renumbered by
Chapter 128 of the Laws of 2007, is amended to extend the solar
energy system equipment tax credit carryover period from five to ten
taxable years.

JUSTIFICATION:
New York's solar energy system equipment tax credit provides
individuals with an incentive to choose to invest in photovoltaic
systems as an alternative energy choice. The current credit system,
subject to certain limits, is 25% of the qualified solar energy
system equipment expenditures for the purchase and installation of a
system that uses solar radiation to produce energy for heating,
cooling, hot water or electricity for residential use. If the credit
is greater than the amount of taxes owed, the balance will not be
refunded. However, any credit amount in excess of the tax due can be
carried over for a maximum of up to five years. In some cases,
individuals with lower incomes would not have enough income tax
liability over a five-year period to claim the full amount of the
individual credit. This legislation will extend such carryover period
from five to ten years to better afford those individuals with the
opportunity to receive the full amount of their tax credit.

LEGISLATIVE HISTORY:
New legislation.

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2013.

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

                                 4623--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             April 13, 2011
                               ___________

Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Investigations and Govern-
  ment 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 the solar energy system
  equipment tax credit

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

  Section  1.  Paragraph 8 of subsection (g-1) of section 606 of the tax
law, as amended by chapter 378 of the laws of 2005 and as renumbered  by
chapter 128 of the laws of 2007, is amended to read as follows:
  (8)  Carryover  of credit. If the amount of the credit, and carryovers
of such credit, allowable under this subsection  for  any  taxable  year
shall exceed the taxpayer's tax for such year, such excess amount may be
carried  over to the [five] TEN taxable years next following the taxable
year with respect to which the credit is allowed  and  may  be  deducted
from the taxpayer's tax for such year or years.
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on or after January 1, 2013.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01243-02-2

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.